Amazon stock has been on the rise for the past few days on strong volume through some key resistance points, one being the year to date POC. The upside structure is starting to build up as well, as the low that caused the move higher was higher than the previous drop. The volume on the recent pop shows promise to the upside. There is a resistance point that is coming up which may spell trouble for the stock.
The resistance between $1845 and $1865 is based on a previous peak high and the 100% Fib extension on the current move. This level could push price down again into the $1770 support however if it breaks the upside is going to open.
Tech has gone up nearly 50% this year alone and Amazon is a lagger, the retail spike during the holiday season will have some effect on the upside of the stock as well.
Disclaimer: The following idea is for educational purposes. TRADEPRO Academy is not held liable for any actions taken in the market as a result of this idea. This idea does not constitute investment or trading advice.
The resistance between $1845 and $1865 is based on a previous peak high and the 100% Fib extension on the current move. This level could push price down again into the $1770 support however if it breaks the upside is going to open.
Tech has gone up nearly 50% this year alone and Amazon is a lagger, the retail spike during the holiday season will have some effect on the upside of the stock as well.
Disclaimer: The following idea is for educational purposes. TRADEPRO Academy is not held liable for any actions taken in the market as a result of this idea. This idea does not constitute investment or trading advice.
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