Momentum Reversal? Amazon’s Heads Down for the First Time in 3 Days

The Daily View for Amazon

  • At the moment, AMZN’s price is down $-21 (-0.65%) from the day prior.
  • This is a reversal of the price action on the previous day, in which price moved down.
  • If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 day timeframes.
  • The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Amazon’s hourly price chart is shown below.

AMZN

The Daily View for Amazon

  • Currently, AMZN’s price is down $-2.91 (-0.09%) from the day prior.
  • This move is a reversal from the day prior, which saw price move up.
  • 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 an uptrend on the 5 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Of note is that the 100 day changed directions on AMZN; it is now pointing up. 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.

Below is a daily price chart of Amazon.

AMZN

Featured Amazon Idea From TradingView

Below is a trading comment entitled $AMZN well done… you may find interesting:

Scaled out yesterday, but still has room to run. Working on Shop for the day, will reassess AMZN as we head into end of the week…

sfhenderson17