Amazon Falls To Test Support In This Pattern: The Bull, Bear Case For The Stock
Portfolio Pulse from Melanie Schaffer
Amazon.com, Inc (NASDAQ:AMZN) stock was down about 2% on Thursday morning, testing the lower trend line of a rising channel pattern. The pattern is bullish for the short term, but can be bearish down the road. If Amazon breaks down from the pattern, volatility in the stock market could increase due to the stock being heavily weighted within the SPDR S&P 500. Traders can use MIAX’s SPIKES Volatility products to play the potential volatility.
July 06, 2023 | 2:05 pm
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Amazon's stock is testing the lower trend line of a rising channel pattern. If it breaks down from the pattern, it could lead to increased market volatility.
The news directly pertains to Amazon's stock price and its potential future movement. The rising channel pattern is a key technical indicator that traders watch. If Amazon's stock breaks down from this pattern, it could signal a bearish trend, leading to increased market volatility due to Amazon's heavy weighting in the SPDR S&P 500.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100