Technical analysis

Amazon Wave Analysis 16 May 2024

– Amazon reversed from resistance level 190.00

– Likely to fall to support level 180.00

Amazon recently reversed down from the resistance level 190.00 (previous monthly high from April), strengthened by the upper daily Bollinger Band.

The downward reversal from the resistance level 190.00 started the active ABC correction ii.

Amazon can be expected to fall further to the next support level 180.00, target for the completion of the active wave ii.

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