Amazon's Uptrend Broken

2 Ağu

The AMZN stock started the week green, looking pretty good, but it is set to close on a very strong bearish note...

Good Friday my dear friends, it seems the start of the bear-market is here for stocks.

➖ This week marks the fourth week where AMZN closes red. And interestingly enough, the past month of bearish action produced the strongest red candles since mid-2022.

Let's keep this one simple:
👉 Amazon is set to move much lower, hitting maybe 130 in a matter of weeks and reaching as low as ~100 in several months.

The entire market is intricately connected; what one does, the rest tends to follow.
This is a true statement and can be confirmed by looking at other stocks.

TSLA, NVDA, GOOG and the rest, are also set to crash.

A 20% drop within 4 weeks is already pretty strong, but you can be sure that this is only the beginning... Amazon is set to continue dropping more and more and more.

Namaste.