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Friday, March 23, 2018 9:51:12 AM
By: MPTrader | March 22, 2018
AMZN is in a very interesting technical position here. Let's notice that AMZN is trading between its down-sloping 5 DMA, now at 1568.61 and its up-sloping 20 DMA, now at 1549.00, as the two MAs converge into a "thrust set up." Usually, when the two MA's converge, and price is situated between them, it is a warning signal about a forthcoming spike out of the convergence zone, either up or down.
My sense from the larger picture set up is that the spike will be to the downside into a test of the prior pullback low at 1525.35 from 3/19/18, which must contain the weakness to prevent more serious technical damage to the post-Feb. uptrend. Should such a scenario unfold, AMZN will find itself vulnerable to a press towards a challenge of is major support line from Nov. 2017, which cuts across the price axis in the vicinity of 1419/20.
As long as any weakness if contained above the 3/19 low at 1525.35, AMZN's set up will remain relatively positive, and as such, we cannot rule out another pop to new high territory projected to 1670/90 next.
https://www.mptrader.com/middaymarkets/
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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
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