Amazon, Inc. Since 2000 (22 Years - Worrisome To Say The Least)

21 nov 2022

I got scared when I saw this chart... Maybe that is why Jeff Bezos is planning on laying off a lot of people...
Let me show you.

AMZN right now is trading right at strong/long-term support.
This critical support is the consolidation box/range from June 2018 through March 2020. This is marked light blue on the chart.

Now, we have strong bearish signals developing and as you can see when you move your eyes to the left... We have 22 years to correct.

Ok, let's start with the signals:

- We have a bearish cross between EMA10 and EMA50.
- Qstick and RSI strongly bearish.
- 4 Months closing red spells doom.
- The other stocks aren't looking good.

The 0.5 Fib. retracement level for the 20+ year bullish wave has been lost as support. That is $94.47. This is a once in a lifetime event.

The next Fib. support level is the golden ratio at $72.24... That's the main target on the monthly timeframe.

If this level breaks, 0.618 Fib., $40 enters the game.

CHANGE
Amazon (AMZN) needs to break and close above $116 monthly for some bullish air to enter the chart.
Any trading below this level and this chart analysis remains valid.

Thank you for reading.
Remember to always plan ahead; long-term.

Namaste.