$AMZN sees graveyard doji in “NoGo”

$AMZN sees graveyard doji in “NoGo”


January 2023


Alex Cole

$AMZN has been in a "NoGo" trend since September of last year.

Having fallen in a series of lower highs and lower lows there are a few things of interest on the chart right now.  There is bullish divergence between the lower lows of price and the higher lows of GoNoGo Oscillator.  This shows that there has been less enthusiasm on the latest lows in price.  However, yesterday's bar has the look of a graveyard doji, a bearish type of candle.  This tells us that while the bulls took price much higher yesterday, the bears brought price all the way back down to close near both the open and the low.  In the short term, this suggest further selling pressure.