Tech stocks are feeling the heat this Tuesday, with Amazon down by 0.59% after new draft EU rules were announced on Tuesday seeking to reign in the control that tech companies have over user data.
Amazon share price is under pressure and could face gargantuan fines if the new rules kick in. Amazon was already involved in a law suit in which it was sued by the European Trade Commission for the 2nd time, accused of breaching antitrust rules in the EU. The company’s processes are also under
investigation. The French data regulator, Commission nationale de l’informatique et des libertés (CNIL) imposed fines of 35 million Euros on Amazon Europe Core, accusing it of putting advert cookies into computers of its users without their prior consent.
Technical Outlook for Amazon Price
Today’s downside action in Amazon price puts the stock into a path of collision with the lower edge of the symmetrical triangle. Further decline puts this border at risk, with a breakdown targeting the 29 July and 3 November lows at 2992.92. The 2 July and 21 September lows at 2874.57 forms another border to the south.On the other hand, a break of the triangle’s upper border sends Amazon share price towards 3253.66, with 3347.32 and 3551.77 forming additional upside targets.
Amazon Price; Daily Chart