Amazon Technical Analysis Report 9 May, 2024
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.
The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.
The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.
