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danbeaulieu
Jan 10, 2020 1:48 PM

AMZN - consolidating and looking for momentum to come back Long

Amazon.com, Inc.NASDAQ

Description

At this level I'm cautiously long. I see this price action as consolidation for the next leg up. Momentum has faded substantially on the hourly charts, but we still look strong on the daily timeframe.

[resistance]

In my previous update (linked) I mentioned $1917.51 as an important level. Its the first level I'm watching today followed by $1925.56 which is a historic level that price reacted around. Once we break through that, my sights are set on $1942.56.

[support]

We've had a good jobs report, which should keep us bullish but we could still easily see a dip at open. The levels I'm watching are $1894.89 (strong) followed by $1884.00. I don't think we get lower than that today, but it's always possible to see an excessive dip, if that happens I'm watching the volume node at $1874.47 level. Below that, and we need to step aside and re-evaluate.
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