Could Amazon (AMZN Stock) move to its 52-week low?

Today’s instrument is the‘s stock traded in Nasdaq exchange under the ticker AMZN.

Looking at the AMZN‘s chart, we can see that it has been in a downtrend reaching the 52W low at $82.25 and it was lastly traded at around $85.25.

Today, if it holds above the support level of $84.50, we should expect it to upwardly react towards its soft resistance level at around $87 and if it manages to break through it, then it could approach its next resistance level at around $92.50. 

On the other hand, it could be possible for it to reach a new 52W low.

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