You are here: Home > articles > Forex > Technical Analysis – Amazon stock recovers from seven-month lows, but still bearish
Technical Analysis – Amazon stock recovers from seven-month lows, but still bearish
November 16, 2018 12:25 pmVideo
Latest News
- Trading Signals for EUR/USD for May 3-5, 2024: sell below 1.0803 (overbought – 5/8 Murray) May 3, 2024
- Trading Signals for GOLD for May 3-5, 2024: sell below $2,320 or below $2,300 (21 SMA – 200 EMA) May 3, 2024
- Technical Analysis – GBPUSD advances above descending trendline May 3, 2024
- USD experiences day X May 3, 2024
- Bitcoin licks wounds as Fed comes on the rescue – Crypto News May 3, 2024
- GBP/USD: trading plan for the US session on May 3rd (analysis of morning deals). The pound is preparing to get out of the May 3, 2024
- EUR and GBP may drop May 3, 2024
- EUR/USD: trading plan for the US session on May 3rd (analysis of morning deals). US data will be the key moment of the week May 3, 2024
- USD/JPY: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- GBP/USD: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- Video market update for May 03, 2024 May 3, 2024
- EUR/USD: Simple trading tips for novice traders on May 3rd (US session) May 3, 2024
- Could the BoE adopt a more dovish stance on Thursday? – Preview May 3, 2024
- EUR/USD. May 3rd. Bulls don’t give up without a fight May 3, 2024
- GBP/USD. May 3rd. Bears are counting on a strong US labor market May 3, 2024
- Market Comment – Stocks enjoy Fed-induced bounce as dollar slips ahead of NFP May 3, 2024
- Weekly Forex Outlook: 03/05/2024 – BoE and RBA decisions headline a calm week May 3, 2024
- Week Ahead – BoE and RBA decisions headline a calm week May 3, 2024
- USD/JPY: trading tips for beginners for European session on May 3 May 3, 2024
- GBP/USD: trading tips for beginners for European session on May 3 May 3, 2024
Amazon’s stock price rebounded after touching a seven-month low on October 30, but continues to trade below its 200-day simple moving average (SMA). Additionally, the price structure on the daily chart consists of lower highs and lower lows. Combined, these imply the outlook remains bearish in both the short- and medium-terms.
Momentum oscillators are hovering in negative territory, enhancing the argument. The RSI is already below 50, but is sloping up, while the MACD seems ready to challenge its red trigger line soon; a move below it would be a negative signal.
Another wave of declines may find preliminary support around the 1542 area, the low of May 3, with stronger downside moves aiming for the seven-month bottom of 1475. Even lower, the April 25 trough of 1414 would come into scope, ahead of the April 2 nadir at 1350.
On the flipside, advances may stall initially near the 200-day SMA, at 1687. A clear close above it would turn the short-term bias to a more neutral one, likely setting the stage for further bullish moves towards 1782, the November 8 peak. Higher still, attention may shift to 1835, the October 17 high, before the inside swing low of September 24 at 1870 comes in view.
Overall, as long as the stock remains below its 200-day SMA, the picture remains predominantly negative.
Related Posts: