Amazon Falls Following Reports FTC Aims To Break Up The Company: A Technical Analysis
Portfolio Pulse from Melanie Schaffer
Amazon.com, Inc (NASDAQ:AMZN) opened about 2% lower following reports of the Federal Trade Commission preparing an anti-trust lawsuit aimed at breaking up parts of the company. The news caused Amazon's stock to break down from an inside bar pattern on the daily chart, indicating a bearish trend. The stock fell to the 50-day simple moving average (SMA), where it found support. However, the downtrend remains intact with the most recent lower high and lower low confirmed. The stock has resistance above at $131 and $136.83 and support below at $125.93 and $117.16.
July 26, 2023 | 2:33 pm
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Amazon's stock fell following reports of an FTC anti-trust lawsuit. The stock broke down from an inside bar pattern, indicating a bearish trend. The downtrend remains intact with resistance at $131 and $136.83 and support at $125.93 and $117.16.
The news of the FTC preparing an anti-trust lawsuit against Amazon has caused a negative impact on the company's stock. The stock broke down from an inside bar pattern, which is a bearish signal. This indicates that the stock is likely to continue its downtrend in the short term. The stock found support at the 50-day SMA, but the downtrend remains intact with the most recent lower high and lower low confirmed. If the stock falls below the 50-day SMA, it could trigger further selling pressure.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100