Amazon: ⬇️ Sell
– Amazon reversed from long-term resistance level 258.00
– Likely to fall to support level 244.00
Amazon recently reversed from the resistance area between the strong long-term resistance level 258.00 (which stopped weekly impulse wave (5) in October) and the upper daily Bollinger Band.
The downward reversal from this resistance area stopped the c-wave of the previous sharp ABC correction ii from February.
Given the strength of the resistance level 258.00 and the overbought daily Stochastic, Amazon can be expected to fall to the next support level 244.00.