FX.co ★ AMZN stock price reaches long-term support trend line.

With AMZN stock price trading around $2,170, we remember our previous post on this stock expressing our worries that AMZN stock price should continue towards lower levels. Our target on May 2nd analysis was $2,175 to be seen over the next few weeks.

Red line - support (broken)

Blue line- support trend line major

AMZN stock price has reached the long-term upward sloping support trend line. Price is in a clear bearish trend making lower lows and lower highs. The RSI has reached oversold levels. Price has reached key long-term support. Bears need to be cautious as there are increased chances of an upward reversal soon. At least a short-term bounce could be very probable.