AMZN:
Our expectations: A long-term uptrend and correction to a major trendline support. Price action signal for end of the correction around horizontal and diagonal support levels near 38.2% Fibonacci level.
Alternative scenario: A price breakthrough under the shadow of the previous candle bar and holding there for the next few days will probable lead to a new download movement.
Comment: DeMarker turns up in oversold zone - a signal for appreciation. EMA50/200 are in positive formation with EMA50 above EMA200 but price is locked between them which is a sign that we should be cautions.
In order to reduce the rist and put closer stop losss we can wait for 50% correction of the last engulfing bullish candle bar and enter around 960.
SL: 934.00
Jr Trader Ivan Ivanov
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