June 20, 2014

AMAZON Chart analysis

  • AMAZON Daily chart shows weakness at 100 Day SMA. Candlesticks shows a bearish engulfing pattern.
  • Price trying to move above the daily cloud. Bulls unable to close above the cloud for now.
  • Price is stuck between 50 and 200 Day SMA. A bigger direction only when these moving averages gets broken again on closing basis.
  • Immediate range is between 323 and 340. Violating these numbers may increase volatility for Amazon.

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