Amazon stock has been trending downwards in the medium term after achieving an all-time high of 3,769 in early July, but since August, it has adopted a more sideways pattern. The short-term picture for the stock seems neutral, as its price moves without a clear direction.

However, in the last few sessions, a bearish bias has emerged with momentum indicators further reinforcing this view. The stochastic oscillator is declining after posting a bearish cross in the overbought area, while the RSI is flattening slightly below the 50-neutral mark.

Should the selling pressure intensify the bears could target the 3,170 level which rejected a further decline of the price three times in the last 4 months. A drop below this barrier would open the way towards 3,130, and even lower the price could test the 2,990 hurdle. If these obstacles fail as well, the share price might then seek to halt its decline at the one-year low of 2,880.

On the flipside, should the negative bias fade and the price reverses upwards, buyers may target the 3,450 region. Overcoming this level, the next obstacle might be 3,550 or higher up 3,710 might prove to be a strong resistance point for the bulls. If the price continues to ascend, the next barricade might be the all-time high of 3,769.