The Amazon chart is showing several concerning signs. Although Amazon recently reached a new all-time high, this achievement wasn't supported by the daily Relative Strength Index (RSI), indicating a clear divergence on this indicator. This divergence suggests a loss of upside momentum at a critical juncture - namely around the 2021 peak at 188.65.
Additionally, on the daily chart, the market has been unable to breach the top of its daily Bollinger band. Even a retreat back to the lower end of the Bollinger band could lead to a decline towards 172, signaling a notable setback.
At the very least, it's advisable to tighten up stops on long positions.
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Additionally, on the daily chart, the market has been unable to breach the top of its daily Bollinger band. Even a retreat back to the lower end of the Bollinger band could lead to a decline towards 172, signaling a notable setback.
At the very least, it's advisable to tighten up stops on long positions.
Disclaimer:
The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
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The STA is the oldest technical analysis organisation in the world and to celebrate that fact, we have a free downloadable book on technical analysis here -
technicalanalysts.com
technicalanalysts.com
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.