AMZN Charts Lower Peak on Daily Ahead of Quartelies

AMZN Charts Lower Peak on Daily Ahead of Quartelies for NASDAQ:AMZN by FXCM

AMZN Charts Lower Peak on Daily Ahead of Quartelies

Amazon.com, Inc. NASDAQ:AMZN



The above chart shows the daily time frame for AMZN . Price action has charted a lower peak ahead of the company’s quarterly release. It seems it’s at a tipping point in the short term. If price continues lower along the broken red line trajectory a lower trough will chart. This will put the company into a downtrend on the daily. The second possibility is that price locks in a higher trough near current levels and then moves higher along the broken green line trajectory. This will result in a higher trough followed by a higher peak, which is defined uptrend on the daily. Forward guidance will play a role here (we have already seen FB indicate a likely slowdown of revenue during the second half, which has alarmed)

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