Amazon MACD Rollover Watch, Support at $850 If Pattern Continues
Amazon ($AMZN) Weekly: Just a quick view on simple technical and support levels on Amazon to get an idea of where it may be headed. Weekly chart shows the stock price rolling over with overbought RSI conditions and MACD rolling over, in the past couple of peaks and new highs. Note the support levels stand firm at the previous highs as the stock step ladders to new levels in the last year and half. It appears that we may be once again be at that point now, with overbought RSI and MACD showing signs of rolling over in to July. If past actions are an indication, we can expect $AMZN to find support at around the $850 level, and near the 50 Week moving average, as it has done in the past. But do make note of how the stock behaved in late 2016, where it moved sideways for a couple of months before rolling over, and prices CAN hit new highs during this process.
In the very near term, $AMZN has retraced back about 50% of the dip last weekend, after getting support from the 50 DMA, and may retrace up to the 0.618 level to around the 50 hour moving average before it meets some resistance. MACD and RSI seems to indicate a further move higher to reclaim its loss last week before its next move. My thought, at this point is that this is a ABC corrective move to around $900 target near term as shown in the hourly chart
In the very near term, $AMZN has retraced back about 50% of the dip last weekend, after getting support from the 50 DMA, and may retrace up to the 0.618 level to around the 50 hour moving average before it meets some resistance. MACD and RSI seems to indicate a further move higher to reclaim its loss last week before its next move. My thought, at this point is that this is a ABC corrective move to around $900 target near term as shown in the hourly chart