AMZN stock price has lost around 35% of its value after the high around $3,770 back in July of 2021. Short-term trend remains bearish. Traders were warned by our analysis back in January that a break below $3,320 would be a major bearish signal. With price now at $2,480 area, we can see more downside in AMZN stock price.
Blue line- long-term support
Our minimum pull back target was at $2,850 according to our analysis on January 20th. Price has key support at the blue trend line at $2,175. I believe we should see a test of that level over the coming weeks. AMZN stock price is clearly in a corrective/pull back phase. This is not the time to try to catch falling knives. Bears remain in control of the trend. There is no sign of a reversal yet.
