Amazon Analysis 11.01.2019

Amazon was unable to break the 1678 resistance level as the price fluctuated between 1592 and 1678 resistance

The price is moving above the moving averages which support the price to re-test the resistance level again, and this is what we saw during the last two sessions as the price indicators push the price higher.

We see a bullish cross between SMA 7 and SMA 50, so this cross will create a positive pressure on the price and push it higher and retest the aforementioned resistance level.

Stochastic is moving sideways within the oversold area. Try to break out of it, but it does not succeed. Therefore, it can be reflected on the price and give it the momentum to rise.

Trading range between support 1592 and resistance 1978

Support and resistance:

Support: 1592-1481

Resistance: 1678-1766