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- Amazon Stock price has been falling from the last four consecutive trading sessions after laying off 10,000 workers from its Alexa division.
- AMZN stock price has slipped below 20, 50, 100 and 200-days Daily Moving Average.
- AMZN share which has been super favored by the investors has been down more than 45% year to date.
Amazon share price has been slipping below a downward sloping line over the daily time frame chart. AMZN stock needs to sustain at the current level which is 2020 lows at $87.86. Investors in AMZN stock need to wait until the share price surge from $85.00 by getting support from 2020 lows. Amazon is a market leader among e-commerce websites and is standing rigid with other multinational companies by stepping into new domains for example, cloud computing, online advertising, digital streaming, and artificial intelligence. AMZN stock has performed exceptionally well in the past seven years, but it seems like the glitter is fading and being dull from the start of 2022.
Amazon stock price is currently approximated at $87.86 and has dropped from $171 as it was standing there in January 2022. However, AMZN share price has dropped by 0.67% in the last 24-hour period. Meanwhile, the day’s range is marked between $86.73 to $89.35. Market capitalization of Amazon is currently estimated at 896.317B.
Amazon stock price is currently trading with strong downtrend momentum over the daily price chart. However, volume change can be seen above average and in full favor of sellers. This selling pressure must be decreased as soon as the NASDAQ: AMZN share price reaches the lower support level at $85.00. Nevertheless, AMZN share price has slipped below 20, 50, 100 and 200-days Daily Moving Average.
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Technical Indicators suggest the downward momentum of the AMZN share price over the daily price chart. Relative Strength Index showcases the downtrend velocity of the stock price. RSI is at 38 and is trying to maintain itself above oversold territory. MACD exhibits the degrading velocity of AMZN stock. The MACD line is about to cross the signal line for a negative crossover.
Conclusion
Amazon share price has been slipping below a downward sloping line over the daily time frame chart. AMZN stock needs to sustain at the current level which is 2020 lows at $87.86. Investors in AMZN stock need to wait until the share price surge from $85.00 by getting support from 2020 lows. However, volume change can be seen above average and in full favor of sellers. This selling pressure must be decreased as soon as the NASDAQ: AMZN share price reaches the lower support level at $85.00. MACD exhibits the degrading velocity of AMZN stock. The MACD line is about to cross the signal line for a negative crossover.
Technical Levels
Support Levels: $85.00 and $80.00
Resistance Levels: $95.00 and $105.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
