$AMZN sees “NoGo” trend continuation

$AMZN sees “NoGo” trend continuation


October 2023


Alex Cole

$AMZN has been in a "NoGo" trend since September 20th.

The large broad-line retailer fell out of its "Go" trend after hitting a high a week earlier.  A Go Countertrend Correction Icon (red arrow) alerted us to the fact that price may struggle to go higher in the short term.  Then as GoNoGo Oscillator crashed through the zero line into negative territory on heavy volume, GoNoGo Trend painted an amber "Go Fish" bar followed by the first "NoGo" colors.  Now, after temporarily finding support at the horizontal level seen on the chart, we see GoNoGo Oscillator turned away by the zero line for the second time in quick succession as price breaks lower to set a new low.  This has triggered a second NoGo Trend Continuation icon (red circle) above the price bar which suggests momentum is now resurgent in the direction of the "NoGo" trend.  We will look for price to move lower from here.