There is a bearish trend showing up in Amazon’s chart, according to Bank of America.
Amazon shares are trading at around $97, and stuck in a downtrend given falling 26- and 40-week moving averages, said BofA’s technical strategist Stephen Suttmeier.
“The immediate trend is bearish below chart resistance, the declining 40-week MA and the downtrend line from April 2022 in the 102 to 207 area,” Suttmeier wrote.
“The risk for a break of nearby support at 90-88 to suggest downside back to the recent low at 82-81, with a deeper drawdown to the 2019 low and downside counts at 65-61 not ruled out,” the strategist added.
This article was originally published by CNBC.