Amazon stalls - Analysis - 16-08-2022

Amazon's stock (AMZN) fell amid attempts to gather positive momentum to climb anew, marking a loss of 0.26%, or 37 cents, and settling at 143.18, while buoyed by a positive pattern that formed in the short term, the Double Bottom pattern, with positive support from the 50-day SMA.

Therefore we expect the stock to return higher, targeting the resistance of 170.80 as a price target for that pattern, provided the support of 129.00 holds on.

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Expected trend for today: Bullish