Amazon Heading Lower?Price action in Amazon shares is starting to look very precarious for the company. Price has recently been trading lower within a well-defined bearish channel and while the downtrend is currently stalled along support at the 100.55 level, price looks to be forming an interim head & shoulders pattern, suggesting scope for a further downside break in the near term. With this in mind, traders can look for a break of the current 100.55 lows, targeting a move down to the 84.28 level next.Keep An Eye OnThe current upside in USD is hitting stock sentiment. Tech stocks in particular have been hard hit by fresh USD upside. While the current Dollar rally continues we can expect Amazon shares to head lower. Keep an eye on comments from Fed’s Powell today. Any further cautioning over the risk of a recession later in the year should reinforce the current market dynamic.
Source: Tickmill
