Amazon’s stock price recorded a stunning rally over the last year without a significant bearish correction. The price continues the bullish tendency as it is still trading above the ascending trend line and the moving averages in the daily timeframe. However, looking at the momentum indicators, the RSI is moving lower in the positive territory, while the MACD oscillator slipped below the red trigger line, both signaling that upside speed is losing some steam.
In the case of more bullish moves, the market could meet resistance at the 2050 all-time high, reached on September 4. A jump above this level could challenge the next round figures of 2100 and 2150.
Conversely, a move to the downside could see immediate support at the 1925.50 support, but should the market increase negative momentum below this area, the 50-day simple moving average (SMA) at 1876 could be the next level in focus. A stronger barrier, though, could be found at the 23.6% Fibonacci retracement level of the up-leg from 929 to 2050, near 1786.
Having a brief look at the longer timeframe, the market seems to be in a bullish mode, as it has been trading above the diagonal uptrend line since October 2017.
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