After coming in below estimates on their quarterly earnings report last night, AMZN (Amazon Inc.) has gapped down to the uptrend line (support), shown on the daily charts in recent videos, where at least a minor reaction is likely before that trendline is clearly taken out.
AMZN daily July 30th
In addition to gapping down to trendline support on the daily chart, AMZN also gapped down to this solid support (3315) on the 60-minute chart. As such, at least a small bounce is likely here although a solid break & especially a solid daily close below today’s lows would open the door to a much larger drop in both AMZN as well as the major stock indices. Something to watch for in the coming days/weeks.
AMZN 60m July 30th