Amazon Moves Close to 2500 Supply Zone

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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).

 

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