Only Amazon and Apple have been able to achieve a market cap of $1Trillion. Upon this achievement, there have been several issues around $AMZN based on new tariffs by President Donald Trump. $AMZN shares have been falling bit by bit due to tariff imposition announcement. Investors might be having double mind in investing in the $AMZN shares. I see the trade wars escalating because of the 25% tariff on imported goods on January 1st.
The candlesticks are forming a head and two shoulders which typically means a downward trend is about to begin. RSI shows price has been overbought at two different times. Price has been consolidating for the past 6 weeks at the same resistance level. Trade wars are obviously affecting the share price of $AMZN negatively. The share price of Amazon might fall heavily after the tariff news is released.
Sources: Reuters America Global Markets New US. Tariff Threat On Chinese Goods Hits Stocks, Dollar ( CNBC)
US China Trade War Trump to Propose 25percent tariff on Chinese imports(CNBC)