Amazon stock continues in the sideways track above the support level 3114.40 despite breaching the support level of the ascending channel that it was moving within last month.
The moving averages are pressing the price further downwards as the 7-20-50 moving averages form a very strong resistance level above the price near the major resistance level 3171.30. Therefore, it will increase the negative pressure on the price to try to breach the support 3114.40.
This coincides with the sideways movement that the stochastic is doing near the oversold area. In general, the price movement will be between 2940.00 as a target for the downside movement. 3230.00 as resistance.
General direction of price movement: sideways movement that tends to decrease