Technical analysis

Amazon Wave Analysis 12 October 2023

– Amazon broke key resistance level 130.00

– Likely to rise to resistance level 142.30

Amazon under the bullish pressure after the earlier breakout of the key resistance level 130.00 (top of the previous minor correction a from the end of last month).

The breakout of the resistance level 130.00 continues the c –wave of the active minor correction ii, which started earlier from the pivotal support level 125.00.

Given the predominant daily uptrend, Amazon can be expected to rise further toward the next resistance level 142.30 (which has been reversing the price from August).

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