Clearly still inside the long-term bullish channel, but at the upper boundary of the channel at important resistance. A rejection here could put the red upward sloping channel in danger.
Oscillators are warning bulls at overbought levels as price touches the upper channel boundary. A break below $800 will confirm the end of the upward move from its $470-$480 lows. This will imply a corrective pull back that could at least reach the 38% Fibonacci retracement at $705.
First short-term target is at $825 and then towards $750-$780. Oscillators are even uglier in the daily chart.
In the 4-hour chart we see a pattern of lower lows and lower highs in a newly created bearish channel. Short-term trend is turning bearish and I believe $800 could be tested this week. Cloud support is critical at $770 by the daily cloud.
I believe that markets are entering a correction phase before the US elections and Amazon.com, Inc. (NASDAQ:AMZN) will be affected by the risk off environment I expect the markets to be in.
Thank you for taking the time to catch up on my thinking.
Note: This article is written by Alexandros Yfantis and was originally published at trading2day. The author has a short position in Amazon.com, Inc. (NASDAQ:AMZN).