Amazon’s Cold Streak: Down 4 of the Past 5 Days

The Hourly View for Amazon

  • At the time of this writing, AMZN’s price is up $4.39 (0.14%) from the hour prior.
  • Amazon has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls.
  • As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe.
  • The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Amazon’s hourly price chart is shown below.

AMZN

The Daily View for Amazon

  • Currently, AMZN’s price is down $-2.02 (-0.06%) from the day prior.
  • It’s been a feast for bears operating on the daily timeframe, as Amazon has now gone down 4 of the past 5 days.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 100 day timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Amazon. Given that we see downtrend on the 20 and 10 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Of note is that the 100 and 200 day changed directions on AMZN; they are now pointing down. The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
  • Divergence between AMZN’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in AMZN’s price.

Below is a daily price chart of Amazon.

AMZN

Featured Amazon Idea From TradingView

Below is a trading comment entitled Surprising bull Trap from Amazon? AMZN you may find interesting:

video explaining the potential outcomes for the opportunity that can be seen soon in Amazon

jbonilla