The market has been tough for AMZN since its recent earnings report. The stock fell off the cliff by more than 25% retracement since its peak. The price fall has been worsened by the US market sell offs. AMZN stock price has broken the first support level at 0.618 and reached 0.781. This is a strong support level which is also supported by Bollinger Bands and MACD.
The two blue trend lines indicate a significant increase in volatility following by a support bullish candle approaching the bottom band of BB. This indicates a strong bullish signal for a short term hold. MACD has also shown a reversal of the MACD and the signal line and an uptrend in the histogram on 1 hour timeframe. A long position with a risk to reward ratio at 4.17 (2.5% loss for 11.5% gain) might be considered for this market
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The two blue trend lines indicate a significant increase in volatility following by a support bullish candle approaching the bottom band of BB. This indicates a strong bullish signal for a short term hold. MACD has also shown a reversal of the MACD and the signal line and an uptrend in the histogram on 1 hour timeframe. A long position with a risk to reward ratio at 4.17 (2.5% loss for 11.5% gain) might be considered for this market
Disclaimer
Opinions only
Commento:
Target hit exactly! Great trade