Market Snapshots

Amazon Wave Analysis 13 January, 2021

Amazon Wave Analysis 13 January, 2021

• Amazon reversed from key support level 3070.00

• Likely to rise to 3356.00

Amazon recently reversed up with the daily Doji from the support area lying between the key support level 3070.00 (which has been reversing the price from the middle of November), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse 1 from September.

The upward reversal from this support area stopped the previous minor correction (ii). If the price closes today near the current levels it will form the daily Morning Star.

Amazon is expected to rise further toward the next resistance level 3356.00 (which has been reversing the price from October).

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