Conclusion for today’s Amazon Stock technical analysis:
Price closing below $1572.30 presents trouble for Amazon.
Analysis for the e-commerce giant, Amazon is presented on the 4 hour time frame using a logarithmic scale, with previous analysis provided here. Over 13 months of price action is covered including the bullish trend line in Amazon since October 24, 2017.
Amazon has traded lower ever since it reached a price high of $2050.27 achieved on September 04, 2018, including price breaking below the bullish trend line on October 03, 2018. Both scenarios above do suggest a plausible trend change in Amazon from bullish to sideways at best.
Current and immediate resistance or overhead supply as drawn on the chart lies between $1848.60 and $1774.17. The trading zone is bordered on the bottom by support which is between $1350.77 and $1265.88.
Lack of price closing above the top of resistance and/or consolidating in this region does argue for a bearish bias. In this case, a conservative point of entry into a short (sell) position is on a break below the price low on February 08, 2019 = $1572.30.
The minimum target for the bear swing is the upper region of support = $1350.77.
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