Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
Technical Analyst, Saxo Bank
Amazon is down almost 19% in After-market trading around $90. Amazon is back to 2019 level closing in on key support at around 82.
If Amazon closes below 82 no support until around 67.
Weekly RSI is showing negative sentiment indicating lower levels are like. 82 support could be tested.
Monthly chart: Amazon is set to open below key support around $101 which is the upper bound of the big side ways range 2018-2020. Amazon could be stuck in that range for quite some time.