AMZN keeps consolidating for over a year now. Price tried to breakout in July to the upside and failed. I was a bit skeptical of that breakout in all of my previous AMZN TA analysis.
After deep pullback price recently re-tested $3555 area, and is pulling back again. I am still expecting price test of the bottom boundary of this consolidation zone ($2900), and eventually most likely even lower. There a lot of resistance/support zones on the way down so not sure if it will be slowly moving down, or straight drop.
It always possible that my opinion doesn’t materialize - if price closes above $3555 then I would reconsider my view, until then expecting lower lows.
After deep pullback price recently re-tested $3555 area, and is pulling back again. I am still expecting price test of the bottom boundary of this consolidation zone ($2900), and eventually most likely even lower. There a lot of resistance/support zones on the way down so not sure if it will be slowly moving down, or straight drop.
It always possible that my opinion doesn’t materialize - if price closes above $3555 then I would reconsider my view, until then expecting lower lows.
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