AMZN: Keep an eye on this REVERSAL PATTERN!

Hello traders and investors! Let’s see how AMZN is doing today! This week AMZN dropped sharply, but is there any reason to panic? Let’s see.

I would be worried if we didn’t see any bullish structure around, which fortunately, is not the case. We have a pivot point at $ 3,379.70, which is supposed to work as a bullish reversal pattern. The catch is that the pattern wasn't triggered yet.

As evidenced by the red line, we just did a bottom higher than the previous bottom, and if we do a new high, this will break the bearish bias for good. We’ll defeat the 21 ema as well, and AMZN will just seek its next resistances, like the gap at $ 3,456.37 and the $ 3,549.49.

Now, let’s see the daily chart for more clues:



In the daily chart, AMZN just hit the 61.8% Fibonacci’s Retracement, and now it is reacting nicely. It seems AMZN found a floor around here, and this reinforces the idea of a bullish reversal movement.

The only thing we must wait is for more confirmation, after all, the situation is still delicate. The trend is not bullish yet in the daily chart, and any buy here would be risk. This week will be decisive for AMZN. I still see it filling the gap at $ 3,580, we just don’t know when it’ll do it, or how.

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Have a good day!