Amazon’s Stock (AMZN) Records Sell Signal, May Decline Below $2000

Technology stocks are amongst the hardest hit in the 2022 stock market correction / bear market.

And when it comes to safety, Mr. Market didn’t spare many tech stocks. Even the largest and shiniest of large caps have been beaten down.

Today we look at a chart of Amazon (AMZN). Here we can see that Amazon stock price has broken below key support on an ellipse sell signal. The stock has also been very weak relative to the S&P 500 Index.

We would not be surprised stock see AMZN decline to our money flow unit MFU-3 price target at $1915 in the coming days/weeks.

Chart

amzn sell signal amazon stock decline forecast 1900 dollars share year 2020

Twitter: @GuyCerundolo

The author or his firm have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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