AMZN - another heavy weight disappoints
AMZN has now joined several other FAANG stocks in missing earning expectations, adding salt to the wound is that it has also given a weaker outlook for the next quarter. When more and more heavy weights start to roll over, then it is likely that Nasdaq will not bottom out so soon.
Medium outlook is bearish with possible next zone of supports between 2030-2180 (zoom out to weekly chart to find these supports). Short term rebound is possible but could face resistance around 2700-2800 (former support now turned resistance).
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Cheers.
Medium outlook is bearish with possible next zone of supports between 2030-2180 (zoom out to weekly chart to find these supports). Short term rebound is possible but could face resistance around 2700-2800 (former support now turned resistance).
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Cheers.
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