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EuroMotif
Mar 7, 2024 5:57 PM

AMZN heads up at $177: likely break but possible "lower high"  

NASDAQ:AMZN60
Amazon.com, Inc.NASDAQ

Description

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Amazon is finally catching up to its brethren.
It is currently testing a key level at 177.04/05
IF a correction is near, THIS could be the start.

$ 177.04 - 177.05 tight fib confluence is the key.
$ 170.83 - 171.71 is the first good support below.
$ 187.49 - 188.98 is next major resistance above.

I do think that the bull momentum will continue.
Break and Retest could be a late entry or an add.
Retrace could offer entries at the supports below.

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Comment

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Here we are again, testing 177 from underside


Zoom IN (m5) for a closer look at the price action since posting:

Pullback where expected,
nice clean bounce on support,
now testing double fib at 177.

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Comment

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Here we are again
testing our double fib from underside.

Zoom IN (15 sec)
in a mini orbit, see if we can achieve escape velocity northward.

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Comment

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Like an insect whose antenna just hit obstacle

It repeatedly feels for that thing it KNOWS is there to ascertain its EXACT location.

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Comment

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Obstacle located, conquered, retested

We might be good to go here, for the next leg up.

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Comment

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Here we are again, $177

This level is a tight confluence of two fibs,
one Genesis fib plus a Covid Stimulus fib,
the pair seems to have rather 'high gravity'.

Lets see if we bounce off this time,
or stay in orbit of these binary fibs.

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Comment

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Bulls holding our double fib at 177 with tenacity

Several wicks to it but holding for now.

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Zoom in (m5)

Green arrows show the new supports forming.
The higher one at 179.57 will be key now.
From there we should reach new All Time Highs.

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Support and ResistanceFibonacci
Comments
TomDen1
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Great charts!! What is your next price target??
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