Amazon.com stock (NASDAQ:AMZN) is currently bullish; though the market is
volatile. The current bullish started, following a strong downtrend in March
2020. Price nearly reached the great demand zone of 1600.00 before it rallied massively,
now close to the supply zone at 2400.00, which would easily be breached as the
market targets the supply zone at 2600.00.
4 EMAs are used for this analysis and they are EMAs 10, 20, 50 and 200.
The color that stands for each EMA is shown at the top left part of the chart.
All the EMAs are sloping upwards signifying an uptrend.
Price dipped into the EMA 50 and bounced upwards. The first job of the bull
is to push price beyond the previous high, and that is the target for this
month. Once AMZN goes above this, the next target would be the supply zones at 2800.00 and 30000.00 (the ultimate targets for this year).
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Trading realities: Trading realities
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