Three Pushes Down on daily. Enough said.
Looking for at least retest of all time high.
Support at the green zone level and the second swing low of the three pushes.
Long term players do not look at the charts like the active traders. They care much about the trend and the long term averages. Here is a chart of Amazon, Microsoft and Intel with their monthly 12, 24 and 36 period simple moving averages.
Are these long term players concerned?
Hint: Of course they are since the beginning of this year. That’s why we have this sell off.
The more important question: Are they willing to buy these market leaders now?
Here is a weekly chart of Amazon.
Making measured moves in Amazon is part of its habit all the time.
It is right on time to enter its correction / consolidation phase until the election is over.
The key support areas are highlighted in the chart.
If you want to be able to analyze your charts with better precision, pickup my book today!