MACD is heading higher, indicating that there’s buying momentum present and may be enough to sustain the rally for Amazon stocks.
Amazon Stocks Outlook
Bear in mind though that the 50 SMA is still moving below the 200 SMA, which means that the longer-term downtrend hasn’t been broken. An upward SMA crossover could confirm that an uptrend is taking hold, although this signal might take a bit longer to materialize.
RSI is climbing but is almost in the overbought zone for crossing 70 level. This could lead sellers to take control of price action in Amazon stocks soon and possibly trigger a retest of the broken resistance area around the $325/share levels. But if we look at Ichimoku chart so we can see the bullish breakout started for breaking 338.19 key resistance level for the bullish to be continuing.
Amazon announced that they would be unveiling new deals every ten minutes all week. This does not include “Deals of the Day” and “Lightening Deals” available on Thanksgiving Day and Black Friday.
If D1 price will break 338.19 resistance level so the bullish market condition will be continuing
If D1 price will break 304.03 support level so we may see the reversal of the price movement from the primary bullish to the primary bearish
If not so we may see the ranging or correction.
- Recommendation for long: watch D1 price to break 338.19 resistance for possible buy trade
- Recommendation
to go short: watch D1 price to break 304.03 support level for possible sell trade
- Trading Summary: breakout
