• AMZN was recently rejected at an earlier resistance level at $ 3,762.
  • This gives the chart a clear double-top formation.
  • There is little clear support up to $ 3,450.

Amazon (AMZN) investors need to be at least somewhat concerned after its stocks took an almost perfect second leg of a double-top formation on Friday, November 19. AMZN stock immediately bounced back from a value of $ 3,762. Shares closed strong that session and fell sharply on Monday. Tuesday and Wednesday then offered matching Doji candles before Thanksgiving weekend began.

AMZN double-topping aside, the stock appears uncertain about upcoming Black Friday sales that herald the start of the U.S. holiday shopping season. This season, Amazon usually does its best. If Amazon stock doesn’t rebound quickly next week, the result could be a fall back to the support at $ 3,176.

Amazon Stock News: It’s the retail season

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