Amazon has become volatile and currently residing inside the ranges of $3,250 to $3,380 price area. Amazon strikes over $3,270 psychological resistance level. The bulls to continue the bullish bias further in the days ahead? What are the charts and technical indicators are saying? Read more to find further insights into today’s AMZN Technical Analysis.
January 27, 2020, | AtoZ Markets – Amazon is currently trading around $3,330 price area and trying to recover higher. After an extended period of volatility, the bulls found support at the uptrend line and strikes higher. As per the current price action, the price may face strong resistance around $3,360 to $3,380 price area in the coming days.
Along with this, telecaster ITV (LON:ITV) reported on Tuesday, Amazon has stopped deals of wines, spirits, and beers in Northern Ireland and is getting ready to de-list more items because of new Brexit customs regulations. Besides, ITV also reported that the online retailer is worried that custom’s duty will presently be paid twice on shipments of liquor which are sent from the British terrain across the Irish Sea to Northern Ireland.
Amazon Strikes Over as the Investors Are Still Optimistic
AMZN is currently residing near $3,330 price area and trying to push the price upside. However, the price also broke above the dynamic level of the 20 EMA on the intraday chart.
Image: AMZN 4 Hour Chart
According to the 4-hour chart, Amazon strikes over and currently trading around $3,330 price area. As per the current scenario, if the price pushes further upward and breaks over $3,360 to $3,380 resistance level, the bulls may sustain the bullish pressure towards $3,480 to $3,500 price area in the process. On the contrary, if the price rejects $3,360 to $3,380 resistance level with an impulsive bearish candle, the bears may regain momentum and decline towards $3,270 to $3,250 support area again in the days ahead.
In addition, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. Therefore, the dynamic level may act as a strong support to push the price upside. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.
AMZN May Recover Towards September 2020’s High
According to the daily chart, Amazon strikes over as the investors are still optimistic. As per the current scenario, if the price can break above $3,360 to $3,380 resistance level with an impulsive bullish candle, the bulls may continue the bullish trend towards $3,500 to $3,550 key price area in the coming days.
Image: AMZN Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price. It may work as strong support to push the price further upward. Besides, the MACD lines are currently residing near the 0.00 level and had a bullish crossover. It indicates that bulls may sustain the bullish trend further in the days ahead.
To conclude, as long as the price residing over the dynamic level, the bias will remain bullish. A daily close will help to identify the definite momentum in the coming days.