Amazon approaching the resistance along the descending trendline. Will we see a re-test in April?

From a technical perspective, Amazon is currently trading at around $100.36 a share. We can see that since January the stock has tried to break out of the bearish trend on the weekly interval, but the resistance was overpowering (30^th Jan). Now approaching the descending trendline once more could potentially re-test the resistance as early as this month. Resistance along the trendline is sitting at $104.69. Only a break and close above the trendline may see Amazon’s stock price edge higher towards the $117 level seen at end of January. Towards the downside, support sits at $99.01 followed by $96.29. A dip below this price could see a further retracement towards $88.12. Looking at the technical indicators, MACD is still slightly positive with RSI neutral as it reads 49.