Amazon shares fluctuated sideways between USD 2,800 and USD 3,800 for almost two years. A large number of monthly candles with small candle bodies were silent witnesses to this development. In recent months, however, the fluctuation intensity has increased. The paper is thus heading for a classic decision-making situation, especially since the steep base upward trend since 2008 (currently at USD 3,327) has already been violated on a sustained basis. The focus is on the cross support from the lows at USD 2,883/2,873/2,707 and the 38-month line (currently at USD 2,699; see chart). Exactly this bastion was broken last Friday – at the end of the month. A sustained slide below this key zone causes the sliding zone described to change into a top formation. In purely arithmetical terms, a completed upper reversal has an imputed discount potential of around USD 700. In the event of a negative course setting, there is a risk of a reunion with the old breakout marks from 2018, 2019 and 2020 at a good USD 2,000. The battered chart of the index heavyweight is also a burden for the overall market.
Amazon.com (Monthly)
Source: Refinitiv, tradesignal² / 5-year chart attached
5-year chart Amazon.com
Source: Refinitiv, tradesignal²
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