Amazon Moves Close to 2500 Supply Zone

PUBLISHED: May 09 2020 @ 07:07 | Comments (0) | More info about Azeez Mustapha

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).

Trading realities: Trading realities

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.