Amazon plunged today after media rumours surfaced about President Trump's intentions towards its taxation, as shown on the following
daily chart of
AMZN.
A hold below near-term resistance of a
50% Fibonacci retracement level at
1441.74 could see a retest of
1400.25 (
60% Fib retracement), or lower. The dramatic plunge on the
momentum indicator signals further volatility and wild price swings ahead for this stock.
The following
daily charts of the
FAANGs shows that, during the past one-year period,
FB has dropped the most, followed by
GOOGL (further details on
FB and their data-mining activities/woes can be found
here).
All five stocks have experienced huge price swings and are currently well off their highs on accelerating (to the downside) rate-of-change (ROC). The ROC decline to a new one-year low on AMZN is notable after today's price plunge. If GOOGL and AAPL's ROC indicator make a new swing low on further price decline, all five stocks may drop further. NFLX's ROC has already made a new swing low.
Either way, all of these stocks are in for further wild price swings.
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| President's Tweet March 29 |
