Amazon stock (NASDAQ:AMZN) is very bearish at the moment. The bearishness in the market is so overwhelming that it would be foolhardy to go long in this kind of market.
Since December 2021, price has been trending steadily downwards while desperate bulls have been repeatedly trapped by transient, near-term rally attempts.
Price is currently below the lower Trendline, moving further downwards. The RSI period 14 is now below the level 30, which is a much oversold area. Sell and sell short here!
AMZN could reach the accumulation territories of 2300.00, 2200.00 and 2100.00 within the next several months. The outlook on the market is gloomy.
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