Amazon’s stock has been on the retreat since its latest rebound was rejected at the 3,403 region in late-March. The price is currently trading near its 2022 lows and has fallen beneath the lower Bollinger band, indicating that the technical picture is deteriorating.

The short-term oscillators further confirm the stock’s bearish near-term bias. The MACD histogram is currently below both zero and its red signal line, while the RSI is flatlining very close to the oversold area.

Should negative momentum intensify and the price continue its descent, the recent low of 2,705 could be the initial point of support. Falling beneath that region, the bears might aim for the 2022 low of 2,667. If that floor collapses, the 2,493 level, which is the 123.6% Fibonacci extension of the 2,667-3,403 up leg, may prove to be a tough obstacle for the price.

On the flipside, bullish actions could propel the share price towards the 61.8% Fibo of 2,948. Further advances could then stall at the 38.6% Fibo of 3,119 before the spotlight turns to the 23.6% Fibo of 3,229. Conquering this barricade, the 3,403 level could appear on the radar, which capped the price’s recent rebound.

Overall, the eventual resumption of Amazon’s stock’s downside trajectory remains the most likely scenario as its overall outlook remains bearish. Therefore, a dive beneath the 2022 low of 2,667 could ignite further selling interest, sending the price to generate a structure of fresh lower lows.