Amazon - week analysis .9 - is this support strong enough?
 
Good morning all.

This is the 1Day chart.

Amazon like others stock fell down from the bottom point due to the political issues between America and North Korea, so will it hold on?

The situation for Amazon is that it is not trying to break for the fourth time the great support (S1) on the chart at (948), and it was every time bounced back, but this time is different is it can really break the support to hit and centralized around the (S2) on the chart at (923), but for that to happen, it will need to form double top at the resistance (R1) on the chart at (992).

Otherwise, any movements will not be predictable technically, but the most recommended scenario if what above is not happen is to go to (S2) and from there it will take more time to come back above (992) once more.

The current resistance (R1) is not strong technically and you can neglect its presents as the trend is still bullish and it can hit the roof (1090) in few days after the investors come back.

The overall signal for the 1Day chart is still very positive indicate the reversal is coming soon.

Also, the Fibonacci indicator reinforces the strong support (S1) with some fractions below it, while the target will be (1150) by the end of this year.

Still, the main trend for bulls and the resistance line show a near target (1082) by October at the earning report time.

Moving to 1Week chart, the trend is very bullish and have strong positive signals that will lead the price to (1352) within 6-12 months (around 40% growth).

Also, my special indicator reinforces strongly the main trend is still for bulls for a long time.

My advice is to try to capture the supports and buy there at (970) and below.

Have green days.


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