Amazon bears gave regained momentum after rejecting $3,450 to $3,400 price area. Amazon sustains above $3,200 psychological support level. Bulls to regain momentum 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.
February 17, 2021, | AtoZ Markets – Amazon is currently trading around $3,270 price area and trying to push lower. After bouncing from the uptrend line, the bulls pushed the price upward quite impulsively, but failed to sustain the bullish pressure over $3,400 to $3,450 resistance area. As per the current scenario, the price may face strong support around $3,240 to $3,200 level in the days ahead.
In addition, the U.S. online retail goliath said on Tuesday, Amazon.com Inc (NASDAQ:AMZN) will begin making its TV streaming gadget in India this year by means of a unit of Taiwanese contract maker Foxconn. Besides, the Fire TV Stick will be built by Foxconn auxiliary Cloud Network Technology in the southern city of Chennai, denoting the first occasion when one of Amazon’s gadgets will be manufactured in India.
Amazon Sustains Above as the Bulls Are Still Optimistic to Recover Higher
AMZN is currently residing near $3,270 price area and trying to decline further. Moreover, the price is still residing over the Kumo Cloud on the intraday chart.
Image: Amazon 4 Hour Chart
According to the 4-hour chart, Amazon sustains above and currently trading around $3,270 price area. As per the current price action, if the price declines further towards $3,240 to $3,200 support area and bounced with an impulsive bullish candle, the bulls may regain momentum and recover higher towards $3,400 to $3,450 area again in the coming days.
Furthermore, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may act as strong resistance to push the price downside. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process. However, the bulls may regain momentum if the price can break above the dynamic level in the days ahead.
AMZN May Strike Higher
According to the daily chart, Amazon sustains above as the bulls are still optimistic. As per the current price action context, if the price pushes further downside towards $3,240 to $3,200 support level and bounced upside with a daily bullish candle, the bulls may recover higher towards $3,400 to $3,450 price area as a first target. The second target will be $3,550 to $3,600 price area if the price can break above $3,400 to $3,450 price area in the days ahead.
Image: AMZN Daily Chart
In addition, the dynamic level of 20 EMA is currently residing near the price. So, the dynamic level may work as strong support if the price can have a daily close over it. Along with this, the RSI line is currently residing above the mid-level 50 and may move upside. It indicates that the bulls may regain momentum in the process.
To conclude, Amazon may find strong support around $3,200 to $3,240 event area as the overall bias is still bullish. A daily close will help to identify the particular momentum in the coming days.