- Amazon reversed from the resistance area
- Likely to fall to support level 226.60
Amazon recently reversed down with the downward gap from the resistance area between the pivotal resistance level 240.00 (which has stopped the previous waves iii and i), the resistance trendline of the daily up channel from August and the upper daily Bollinger Band.
The downward reversal from the resistance area started the active short-term correction ii.
Given the strength of the resistance area near the resistance level 240.00 and the overbought daily Stochastic, Amazon can be expected to fall to the next support level 226.60.
By the FxPro Analyst Team
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By the FxPro Analyst Team
Follow our dedicated Telegram channel t.me/fxpro for insightful market analysis and expert commentary.
Reach out to media.comments@fxpro.com for PR and media inquiries
Follow our dedicated Telegram channel t.me/fxpro for insightful market analysis and expert commentary.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.