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NASDAQ: AMZN Last Week’s Price Drop Leads to Bearish Engulfing

Interval: Weekly


After taking a pretty big series of hits last week, the biggest online retailer Amazon has formed a Bearish Engulfing in the immediate zone of the superior line of the channel.

This could be a good signal for a correction intended to retest the 242.28 price level, also to sustain this scenario, we can see the down path of the volume after the impulse on the trend with a spike right at the last weekly drawn candle.

NASDAQ: AMZN Last Week's Price Drop Leads to Bearish Engulfing by