$AMZN TOP 20
Added 2023-04-02 19:46:55 +0000 UTC$AMZN remains behind $AAPL and $MSFT in terms of its strength. Still below the 200 Day MA and in the middle of its downward channel. It has recaptured the 0.618 Fib and above the 50 Day MA, after the markets enjoyed a nice rally into the end of the quarter this week.
If the market decides to rally for April, $AMZN is probably in a good position to benefit from this as people weigh up buying an overbought $AAPL or $MSFT or take a chance on $AMZN that they will improve their fundamentals. $AMZNs RSI is not in overbought territory yet.
That being said, $AMZN still has a lot to do to move into the bull case, 200 Day MA and the trend line will be important resistance levels to flip, if it can do this, it has some upside.....if $MSFT and $AAPL pull back, they may put pressure on the market and $AMZN too.
So What Now?
Important resistance levels to watch now, if it breaks above, there is upside. Failure to break out and the bear case and buy zone is only slightly below.
