Amazon Technical Analysis Report 5 April, 2024

Dmitry Chernovolov Market Analyst

Amazon recently broke the key resistance level 180.00, which has been reversing the price from the start of March, as can be seen from the daily Amazon chart below.

– Amazon broke resistance level 180.00,

– Likely to rise to resistance level 190.00

Amazon recently broke the key resistance level 180.00, which has been reversing the price from the start of March, as can be seen from the daily Amazon chart below. The breakout of the resistance level 180.00 accelerated the active minor impulse wave 3 of the intermediate impulse wave (3) from the start of January. The price earlier reversed up from the support level 180.00, which is acting now as the support after it was broken.

Given the clear daily and the weekly uptrend, and the bullish sentiment affecting Amazon, the price can be expected to rise further toward the next resistance level 190.00 (which is the target price for the completion of the active impulse wave (3)).

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