Amazon Technical Analysis Report 9 May, 2024

Dmitry Chernovolov Market Analyst

Given the predominant daily uptrend, Amazon can be expected to rise further toward the next round resistance level 200.00,

– Amazon broke key resistance level 189.50

– Likely to rise to resistance level 200.00

Amazon under the bullish pressure after the price broke above the key resistance level 189.50 (which stopped the previous minor wave b at the start of April, as can be seen from the daily Amazon chart below). This price level is currently working as the support after it was broken. The breakout of the resistance level 189.50 accelerated the active minor impulse wave 5, which belongs to the higher order impulse wave C from last October.

Given the predominant daily uptrend, Amazon can be expected to rise further toward the next round resistance level 200.00, which is the target price for the completion of the active impulse wave 5 coinciding with the daily up channel from last year.

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