AMZN: Trading in a VERY IMPORTANT price area!
• AMZN is in a very curious price area;
• In the 1h chart, the trend is bullish, as AMZN is doing higher highs/lows, trading above its 21 ema, and it recently broke another resistance at $97;
• Now, AMZN is doing a pullback to this dual-support level (21 ema+$97);
• However, in the daily chart, AMZN is still in a bear trend, as it is doing lower highs/lows, and it just hit its dual-resistance area made by the 21 ema + $101;
• If the bear trend wins, AMZN would lose the dual-support in the 1h chart, and AMZN would just resume the bear trend from here;
• However, if the bull trend in the 1h chart wins, AMZN must break the $101 + 21 ema area in the daily chart;
• What would be the technical targets for these scenarios? The gaps (red lines), as they work as magnets when the trend reverses.
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• In the 1h chart, the trend is bullish, as AMZN is doing higher highs/lows, trading above its 21 ema, and it recently broke another resistance at $97;
• Now, AMZN is doing a pullback to this dual-support level (21 ema+$97);
• However, in the daily chart, AMZN is still in a bear trend, as it is doing lower highs/lows, and it just hit its dual-resistance area made by the 21 ema + $101;
• If the bear trend wins, AMZN would lose the dual-support in the 1h chart, and AMZN would just resume the bear trend from here;
• However, if the bull trend in the 1h chart wins, AMZN must break the $101 + 21 ema area in the daily chart;
• What would be the technical targets for these scenarios? The gaps (red lines), as they work as magnets when the trend reverses.
Remember to follow me to keep in touch with my analyses!
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