Amazon (US: AMZN) technical suggest that the stock may enter into a bullish rebound soon.
Bullish hammer formation rejected the 88.6% Fibonacci retracement of the total range from 1672.00-2035.80.
Falling wedge formation, a classic bullish reversal pattern.
Bullish divergence on Stochastic and RSI suggest that the bullish momentum is returning.
Stochastic Oscillator shows that the lines have crossed in the oversold zone.
About the author
Chua Wei Ren Technical Analyst Phillip Securities Research Pte Ltd
Wei Ren specialises in Technical Analysis and has 9 years of experience in studying classic technical price action. He also study and research extensively on Elliott wave theory, Dow Theory and Supply & Demand strategies as he believes that history plays an important role in how the market is reflected in the future.
He graduated with a Bachelor of Economics and Finance from University of Murdoch.