FX.co ★ Technical analysis of Amazon for August 2, 2021

On July 27, we showed an almost 100 year chart from Jess Livermore. The chart showed his accumulation cylinder and we translated that into Amazon and made the case that Amazon could be peaking at 3,666. If this was the case, then Amazon should break below support at 3,499 which we saw on Friday as Amazon dropped to 3,328.

Therefore, we will be looking for a decline to 2,910 that should be followed by a "dead cat" bounce towards 3,442 and then renewed downside pressure through support at 2,910 towards 2,058 on the coming weeks/months.