AMZN 557.84 – neutral – Bearish evening star signals further pullback
AMZN rallied to 579.00 Monday (October 19, 2015 high), shy of the 580.57 record high (July 24, 2015). Subsequent sharp drop forms an evening star reversal pattern, signaling scope for further pullback towards 549.78 (September 22, 2015 range high) and then 539.68 (October 14, 2015) near the 20 day moving average where buyers may step in.
However, an upside break through 579.00/580.57 would negate and accelerate the broad uptrend higher towards 600.00.
Outlook:
Daily: neutral
Weekly: bullish
AMZN rallied to 579.00 Monday (October 19, 2015 high), shy of the 580.57 record high (July 24, 2015). Subsequent sharp drop forms an evening star reversal pattern, signaling scope for further pullback towards 549.78 (September 22, 2015 range high) and then 539.68 (October 14, 2015) near the 20 day moving average where buyers may step in.
However, an upside break through 579.00/580.57 would negate and accelerate the broad uptrend higher towards 600.00.
Outlook:
Daily: neutral
Weekly: bullish
