Amazon Wave Analysis – 10 March, 2022

• Amazon reversed from support area
• Likely to rise to resistance level 3100.00

Amazon recently reversed up from the support area located between the key support level 2700.000 (previous monthly low from January) and the lower daily Bollinger Band.

The upward reversal from this support area created the daily Long-legged Doji, which stopped the previous intermediate impulse wave (1).

Given the clear bullish divergence on the daily RSI indicator – Amazon can be expected to rise further toward the next resistance level 3100.00.