Conclusion for today’s Amazon Stock Analysis:
Price could potentially fall to the low $1,000’s on a close below $1309.59.
Amazon stock analysis for today is carried out using a 6 hour timeframe (log scale). The long term trendline shown in green helps to track bullish market action in Amazon from February 08, 2016.
Trendline drawn in blue also helps to put price action into perspective from October 24, 2017. The use of trend lines is not to be underestimated as they are invaluable as used here in this trade.
October 2, 2018 saw the price of Amazon close below its 15 months old trend line, and then a close below its longer term trend line of over 33 months for the first time on November 20, 2018.
The implication of price action closing below both bullish trend lines is bearish. Price action currently has recovered over the bullish trend line since 2016 and needs to overcome immediate resistance or overhead supply between $1783.79 and $1845.40 in order to safely consider entry into a long (buy) position.
Most conservative entry into a long position involves buying on a breakout above the $2014.04 on August 31, 2018. Support is present between $982.53 and $1059.08 on a break below ~$1309.59.
Sign up now for full access to our premium research and analysis to learn more about Amazon Stock Analysis , forecast , Cryptocurrencies and Foreign Exchange (FX) pairs.
Interested in Bitcoin Analysis (BTCUSD)? Checkout our previous free blog post here.