Contributor Since 2018
Tola Ogunniyi is a self taught discretionary trader specializing in short to medium term technical analysis and strategies. He is the founder of Cryptotrader.investments, a research and analysis website dedicated to generating trade ideas to help investors and traders profit from the Cryptocurrency market. Graduating with a National diploma in Software Development (with distinction), BSc (Hons.) degree in Geology and a Masters degree (with distinction) in Geology, Tola has been trading multiple markets since 2012, and has a vast knowledge of the application of technical analysis principles to model markets, while considering intermarket relationships and analysis. He is a member of the Canadian Society of Technical Analysts (CSTA) and also a contributor/technical analyst on www.tradingview.com with over 6,000 views. He primarily focuses analyzing and trading the FX (currency) and Cryptocurrency market.
Conclusion for today's Amazon Stock Analysis: Price could potentially fall to the low $1,000's on a close below $1309.59.
Amazon stock analysis for today is carried out using a 6 hour timeframe (log scale). The long term trendline shown in green helps to track bullish market action in Amazon from February 08, 2016. Trendline drawn in blue also helps to put price action into perspective from October 24, 2017.
October 2, 2018 saw the price of Amazon close below its 15 months old trendline, and then a close below its longer term trendline of over 33 months for the first time on November 20, 2018.
The implication of price action closing below both bullish trend lines is bearish. Price action currently has recovered over the bullish trendline since 2016 and needs to overcome immediate resistance or overhead supply between $1783.79 and $1845.40 in order to safely consider entry into a long (BUY) position.
Most conservative entry into a long position involves buying on a breakout above the $2014.04 on August 31, 2018.