AMZN Amazon Technical Rebound

If you haven`t sold Amazon`s slowest growth since 2001, with EPS far below analyst predictions:

Then you should know that a technical rebound refers to a recovery from a prior period of losses when technical signals indicate that the move was oversold.
In this case, the Relative Strength Index momentum indicator of AMZN is close to oversold level.
Even though i am overall bearish on the economy, buying a strong financial instrument when the RSI is below 30, would make a case for a potential short term reversal.
The chart is self-explanatory.

Looking forward to read your opinion about it.

Trade geschlossen: Ziel wurde erreicht:

AMZN broke the support. Trading at $86.73 today.