Amazon.com Has Fallen. Can it Get Up?
By:TradingView
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Amazon.com fell sharply last month, and some traders may see further downside risk.
The first pattern on today’s chart is the drop on February 6 after earnings missed estimates.
The e-commerce giant has yet to recover from that decline, which may reflect negative sentiment.
Second is the low of $220.38 immediately before the drop. AMZN rebounded to stall at that level on March 5. Has old support become new resistance?
Third, a series of higher lows in the last few weeks may be viewed as a potentially bearish flag.
Fourth, stochastics are turning down from an overbought condition.
Next, the 8-day exponential moving average (EMA) has remained stubbornly below the 21-day EMA. The 50-day simple moving average (SMA) also had a “death cross” below the 200-day SMA. Those patterns may reflect bearishness in the short and long terms.
Finally, AMZN is a highly active underlier in the options market. (Its average daily volume of 886,500 contracts ranks fourth in the S&P 500, according to TradeStation data.) That could help traders take positions with calls and puts.
The first pattern on today’s chart is the drop on February 6 after earnings missed estimates.
The e-commerce giant has yet to recover from that decline, which may reflect negative sentiment.
Second is the low of $220.38 immediately before the drop. AMZN rebounded to stall at that level on March 5. Has old support become new resistance?
Third, a series of higher lows in the last few weeks may be viewed as a potentially bearish flag.
Fourth, stochastics are turning down from an overbought condition.
Next, the 8-day exponential moving average (EMA) has remained stubbornly below the 21-day EMA. The 50-day simple moving average (SMA) also had a “death cross” below the 200-day SMA. Those patterns may reflect bearishness in the short and long terms.
Finally, AMZN is a highly active underlier in the options market. (Its average daily volume of 886,500 contracts ranks fourth in the S&P 500, according to TradeStation data.) That could help traders take positions with calls and puts.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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