Amazon returned to the upside after bouncing from the support level 3114.40 to the upside to trade the stock within the ascending channel in which it was trading, which is shown in the chart. Although the watch is currently testing the resistance level at 3330.00
We notice on the chart …
#ADBE
The overall trend is upward. The stock is trading in the range of 365 and 135 moving averages directed upwards. Stochastic Oscillator signals oversold conditions. Breaking through the price pivot zone of 477.54 will result in the formation of an ascending wave pattern within the overall uptrend.
Trading idea: …
The pair remains under pressure amid falling demand for risky assets ahead of the Fed's monetary policy meeting. The pair may continue its decline if the negative sentiment in the markets persists.
Technical side:
The price is located below the middle Bollinger band, below SMA 5 and SMA 14. …
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