Amazon Strikes Above $3,200 Price Area – Will Climb Further?


Amazon bulls have regained momentum and broke over $3,150 to $3,200 resistance level. Amazon strikes above $3,200 psychological event level. AMZN to climb further upward in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s AMZN Technical Analysis.

April 7, 2021, | AtoZ Markets – Amazon is currently trading around $3,225 price area and trying to retrace lower. After bouncing from $3,000 to $3,050 support level, the bulls regained momentum and pushed the price upside quite impulsive, and broke above $3,150 to $3,200 price area with a daily bullish candle. As per the current price action, the price may retrace towards $3,200 to $3,150 price area in the coming days.

In addition, Amazon.com Inc (NASDAQ:AMZN) upholds a climb in the U.S. corporate tariff rate as a component of an infrastructure redesign, Jeff Bezos, CEO of the biggest U.S. retailer, said yesterday subsequent to confronting destructive criticism from the Congress, White House and via social media.

Amazon Strikes Above as the Psychological Support Level Worked Strongly

Amazon is currently residing near $3,225 price area and trying to push downside. Moreover, the price also broke above the dynamic level on the daily chart.

Amazon Strikes Above

Image: AMZN 4 Hour Chart

According to the 4-hour chart, Amazon strikes above and currently trading around $3,225 price area. As per the current scenario, the price may retrace downside towards $3,200 to $3,150 price area in the process. So, if the price retraced lower towards $3,200 to $3,150 price area and bounced higher with a bullish candle, the bulls may sustain the bullish pressure towards $3,300 to $3,350 price area in the days ahead. On the contrary, if the price breaks below $3,200 to $3,150 price area with a 4-hour bearish candle, the bears may regain momentum and decline towards $3,050 to $3,000 price area in the coming days.

In addition, the dynamic level of 20 EMA is currently residing below the price. Along with the Bollinger Band’s middle band. So, the dynamic level may act as a strong support to push the price higher. Besides, the Bollinger Bands’ middle band may work as a confluence of the dynamic level in the process. Furthermore, the price is currently facing resistance at the Bollinger Band’s upper band. Therefore, it indicates that the price may retrace lower in the days ahead.

AMZN May Face Resistance at the Uptrend Line

According to the daily chart, Amazon strikes above as the bulls are optimistic. As per the current price action, if the price rejects $3,250 to $3,200 price area with an impulsive bearish candle, the bears may regain momentum and push the price downside towards $3,050 to $3,000 price area as a first target. The second target will be $2,900 to $2,850 price area if the price can break below $3,050 to $3,000 support area in the coming days.

Amazon Strikes Above

Image: AMZN Daily Chart

Furthermore, the dynamic level of 20 EMA is currently residing below the price. So, it may work as strong support to push the price upside. However, the bears may regain momentum if the price can break below the dynamic level in the process. Along with this, the Stochastic Oscillator lines are currently residing near the overbought level 80. It indicates that the bears may regain momentum again in the days ahead.

To conclude, after breaking below the uptrend line, the price has successfully retraced towards $3,200 to $3,250 price area. An impulsive daily close is needed to identify the definite momentum in the coming days. 

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