AMZN: TA for tomorrow (10/07/2024)
Key Levels:
Resistance Zones:
187.57: A significant resistance level that price has struggled to break above. A breakout above this could signal more bullish momentum.
186.61: A near-term resistance level where the price is currently consolidating. A break above this level could act as confirmation for more upside movement.
Support Zones:
186.03: Immediate support just below the current price level, which is being tested. A break below could lead to further downside movement.
181.96: This is a more significant support level that held previously. If price moves downward, this level could act as the next major support.
180.93: Strong support at this level, with a recent bounce, suggesting buying pressure here. A break below could signal more weakness towards 179.40.
Price Action:
There was a sharp decline in AMZN’s price before stabilizing around 181-180 levels. The bounce from that area has brought it back toward resistance levels, but the upside momentum seems to be stalling.
A descending trendline from the highs shows a longer-term bearish trend, although the price action over the past few sessions indicates a potential short-term recovery.
The current consolidation around 186-187 suggests that the market is indecisive and waiting for a catalyst to break out of this range.
Volume Analysis:
There was a spike in volume during the recent downward move, followed by decreasing volume during the consolidation and small recovery. This could indicate weak buying pressure at higher prices.
A volume spike during the test of 187.57 would be needed to break this level convincingly.
Indicators:
Oscillators indicating a possible divergence, suggesting weakening bullish momentum. Watch for any signs of bearish reversal patterns.
Strategy for Tomorrow:
Bullish Scenario: If AMZN breaks above 187.57 with strong volume, it could push higher towards 190 or beyond. The immediate resistance after that could be near 192-193.
Bearish Scenario: If AMZN breaks below 186.03 or 181.96, it could move towards testing the lower support at 180.93. A breakdown here could trigger further selling pressure, with the next target near 179-177.
Entry/Exit Points:
Bullish Entry: If AMZN breaks above 187.57, consider entering a long position with a target of 190 or higher. Place a stop-loss just below 186.03 to manage risk.
Bearish Entry: If AMZN breaks below 186.03 or 181.96, consider a short position with a target near 180 or lower. Use a stop-loss above 187.57 to limit risk.
Watchlist:
Breakout above 187.57: Watch for volume confirmation and price action above resistance.
Breakdown below 181.96: Increased selling pressure may occur if this level is breached.
Resistance Zones:
187.57: A significant resistance level that price has struggled to break above. A breakout above this could signal more bullish momentum.
186.61: A near-term resistance level where the price is currently consolidating. A break above this level could act as confirmation for more upside movement.
Support Zones:
186.03: Immediate support just below the current price level, which is being tested. A break below could lead to further downside movement.
181.96: This is a more significant support level that held previously. If price moves downward, this level could act as the next major support.
180.93: Strong support at this level, with a recent bounce, suggesting buying pressure here. A break below could signal more weakness towards 179.40.
Price Action:
There was a sharp decline in AMZN’s price before stabilizing around 181-180 levels. The bounce from that area has brought it back toward resistance levels, but the upside momentum seems to be stalling.
A descending trendline from the highs shows a longer-term bearish trend, although the price action over the past few sessions indicates a potential short-term recovery.
The current consolidation around 186-187 suggests that the market is indecisive and waiting for a catalyst to break out of this range.
Volume Analysis:
There was a spike in volume during the recent downward move, followed by decreasing volume during the consolidation and small recovery. This could indicate weak buying pressure at higher prices.
A volume spike during the test of 187.57 would be needed to break this level convincingly.
Indicators:
Oscillators indicating a possible divergence, suggesting weakening bullish momentum. Watch for any signs of bearish reversal patterns.
Strategy for Tomorrow:
Bullish Scenario: If AMZN breaks above 187.57 with strong volume, it could push higher towards 190 or beyond. The immediate resistance after that could be near 192-193.
Bearish Scenario: If AMZN breaks below 186.03 or 181.96, it could move towards testing the lower support at 180.93. A breakdown here could trigger further selling pressure, with the next target near 179-177.
Entry/Exit Points:
Bullish Entry: If AMZN breaks above 187.57, consider entering a long position with a target of 190 or higher. Place a stop-loss just below 186.03 to manage risk.
Bearish Entry: If AMZN breaks below 186.03 or 181.96, consider a short position with a target near 180 or lower. Use a stop-loss above 187.57 to limit risk.
Watchlist:
Breakout above 187.57: Watch for volume confirmation and price action above resistance.
Breakdown below 181.96: Increased selling pressure may occur if this level is breached.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.