– Amazon reversed from key resistance level 188.50
– Likely to fall to support level 181.00
Amazon recently reversed down from the key resistance level 188.50 (which has been steadily reversing the price from April, stopping earlier waves (3) and (5)).
The resistance level 188.50 was strengthened by the upper daily Bollinger Band – increasing the likelihood of further correction from the current levels.
Given the strength of resistance level 188.50 and the overbought daily Stochastic indicator, Amazon can be expected to correct down further to the next support level 181.00 (low of the previous correction (2)).
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