Amazon bulls have regained momentum and broke above $3,240 to $3,250 event area. Amazon strikes over $3,250 significant resistance area. Will the price continue further higher 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.
June 9, 2021, | AtoZ Markets – Amazon is currently trading around $3,265 price area and trying to recover further. After breaking below $3,250 to $3,240 support level, the bears pushed the price down, but failed to sustain the bearish pressure below $3,180 to $3,170 price area. As per the current price action context, the price may face strong resistance at the bullish flag pattern on the intraday chart in the coming days.
Amazon Strikes Over as the Investors Are Still Optimistic
AMZN is currently residing near $3,265 price area and trying to climb further. However, the price may also face resistance at the Bollinger Bands’ upper band on the intraday chart.
Image: AMZN 4 Hour Chart
According to the 4-hour chart, Amazon strikes over and currently trading around $3,265 price area. As per the current price action, the price may retrace downside towards $3,250 to $3,240 price area in the process. So, if the price bounces upward from $3,240 to $3,250 support level and breaks above the bullish flag pattern’s resistance with an impulsive bullish candle, the bulls may sustain the bullish pressure towards $3,300 to $3,310 price area in the coming days. On the contrary, if the price breaks below $3,250 to $3,240 price area with an impulsive bearish candle close, the bears may regain momentum and push the price down towards $3,160 to $3,150 price area in the days ahead.
Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Bollinger Bands middle band. So, the dynamic level may work as strong support to push the price upside. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the process.
AMZN May Recover Further
According to the daily chart, Amazon strikes over as the bulls are still optimistic. As per the current scenario, if the price can have an impulsive daily bullish candle close above the last candle’s high, the bulls may continue the bullish pressure towards $3,300 to $3,310 price area as a first target. The second target will be $3,350 to $3,370 price area if the price can break above $3,300 to $3,310 resistance area in the coming days.
Image: AMZN Daily Chart
Moreover, the dynamic level of 20 EMA is currently residing below the price, which has already worked as strong support to push the price upside. Along with this, the MACD lines are currently residing below the 0.00 level and had a bullish crossover. It indicates that the bulls may sustain the bullish pressure further in the process.
To conclude, after an extended period of volatility, the bulls have successfully regained momentum. As the overall momentum is still bullish, there is a high chance that the bulls may continue the bullish pressure further in the coming days.