Market Snapshots

Amazon Wave Analysis 13 November, 2020

Amazon Wave Analysis 13 November, 2020

• Amazon reversed from round support level 3000.00

• Likely to rise to 3377.00

Amazon recently reversed up from the round support level 3000.00 coinciding with the support trendline of the daily Triangle from September.

The support zone near the support level 3000.00 was further strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction level of the previous sharp upward impulse from May.

Amazon is likely to rise further toward the next resistance 3377.00 (top of the previous sharp minor impulse wave (i) from the start of November).

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