Amazon Wave Analysis 12 July 2024

– Amazon reversed from support level 192.15

– Likely to rise to the resistance level 200.00

Amazon recently reversed up from the key support level 192.15, the former monthly high from May, acting as the support after it was broken in June.

The support level 192.15 was strengthened by the 20-day moving average and by the 38.2% Fibonacci correction of the sharp upward impulse 1 from last month.

Given the clear daily uptrend, Amazon can be expected to rise further to the next round resistance level 200.00 (which stopped the previous impulse wave 1).