I’m wondering whether Amazon has seen a major top on 3 November, given it saw a large gap into the high before momentum turned lower. This has the hallmarks of a ‘blow-off top’, which can occur at major turning points when bulls push a stock higher with such force – often via a gap – as a kind of ‘last hurrah’, only for momentum to then falter.
A 16.8% decline to its 200-day EMA then ensued and, while it has tried to rebound, it has also struggled to rise alongside the broader market.
Trading volumes were declining while prices rose, and Tuesday’s shooting-star candle formed near the September high and below the January high. Prices also gapped lower on Wednesday before finding support around the 50-day EMA.
Bears could look to fade moves towards the shooting-star high, with a retest of the 200-day EMA in focus.
Matt Simpson, Market Analyst at City Index.
A 16.8% decline to its 200-day EMA then ensued and, while it has tried to rebound, it has also struggled to rise alongside the broader market.
Trading volumes were declining while prices rose, and Tuesday’s shooting-star candle formed near the September high and below the January high. Prices also gapped lower on Wednesday before finding support around the 50-day EMA.
Bears could look to fade moves towards the shooting-star high, with a retest of the 200-day EMA in focus.
Matt Simpson, Market Analyst at City Index.
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