Technical Update - Amazon After Market sell-off indicates 2020 low and key support likely to be tested
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Amazon is down almost 19% in After-market trading around $90. Amazon is back to 2019 level closing in on key support at around 82.
If Amazon closes below 82 no support until around 67.
Weekly RSI is showing negative sentiment indicating lower levels are like. 82 support could be tested.
Monthly chart: Amazon is set to open below key support around $101 which is the upper bound of the big side ways range 2018-2020. Amazon could be stuck in that range for quite some time.
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