- One hour shows a possible descending triangle with support at 1578. Price tested the level earlier and Bulls managed to stay above it. If it gets tested again bigger falls are possible.
- Hour close below 50 Hour SMA will give more momentum to Amazon bulls.
- AMAZON.com Bearish engulfing
- ES 4 hour charts with crucial support levels.
- Bearish for the day if price falls below 2740 - 2745 levels.
- Bulls safe till price hold above the cloud in 4 hour time frame.
- Crude oil staying below the cloud will favour crude bears, But price is not showing any momentum for bears.
- 4 Hour chart shows a descending triangle. This pattern is mostly bearish But can go in the opposite direction as well.
- Bears need price to fall below 60 levels for a bigger down swing to follow.
- Bullish above 61.60 and bearish below 60 levels.
- Amazon daily chart has a bearish engulfing pattern. As of now there is no momentum or followup price action for bearish engulfing.
- Bigger weakness for the stock only if price starts to stay below 1578 levels. Bearish engulfing will stay intact till 1617 is not taken out.
- Hour as of now is looking weak at the top.
- Bearish PIN BAR continues to give good results for bears. Next stop is at the 20 Day SMA. Bulls is expecting a bounce at the 20 Day SMA. If 20 SMA does not give support then price may fall towards the 100 SMA as shown in chart 2
- 4 hour chart shows a possible channel support line for the correction.
