Technical Update - Amazon
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Amazon is set to open 10% lower around 2,600 i.e. below key support level around 2,707. If closing the day below down trend has resumed and is likely to take Amazon lower over next few weeks.
200 weekly SMA around 2,530 will offer some support but a dip down to around the 0.618 Fibonacci retracement level at 2,446 is not unlikely. Strong support at 2,256.
Weekly chart: RSI showing negative sentiment and is likely to close below 40 threshold confirming the bearish picture.
To neutralize Bear scenario a daily close above 2,707 is needed.
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