Amazon continue to move as part of the correction and the formation of the “Triangle” pattern. Moving averages indicate a short-term bullish trend for Amazon. Prices are testing the area between the signal lines, which indicates pressure from stock buyers. At the time of publication of the forecast, the share price is 3231.90. As part of the forecast, we should expect an attempt to develop a correction and a test of the support level near the area of 3135.00. Further, a rebound and continued growth in the value of securities. A potential target of such a movement is the area above the level of 3845.00.
Amazon Stock Forecast and Analysis January 29, 2021
An additional signal in favor of the growth of Amazon quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the “Triangle” pattern. Cancellation of the growth option for the Amazon stock price will be a fall and a breakdown of the level of 2905.00. This will indicate a breakdown of the lower border of the “Triangle” model and continued falling into the area at the level of 2185.00. Expect acceleration of growth with the breakdown of the resistance area and closing above the level of 3495.00, which will indicate a breakdown of the upper border of the “Triangle” model.
Amazon Stock Forecast and Analysis January 29, 2021 assumes the development of a correction and a test of the support area near the level of 3135.00. Where can we expect a rebound and an attempt to continue the growth of the pair to the area above the level of 3845.00. A test of the trend line on the relative strength index (RSI) will be in favor of raising the currency pair. Cancellation of the growth option for the Amazon index will be a fall and a breakdown of the level of 2905.00. This will indicate a breakdown of support and a continued fall in value to the area below the level of 2185.00.
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