Technical analysis

Amazon Wave Analysis – 26 July, 2021

• Amazon reversed from support zone

• Likely to rise to resistance level 3765.00

Amazon recently reversed up from the support zone lying between the support level 3540.00 (former multi-month resistance level from September and March) and the 38.2% Fibonacci correction of the upward impulse 1 from May.

The upward reversal from this support zone stopped the previous short-term corrective wave 2.

Given the clear daily uptrend – Amazon can be expected to rise further toward the next resistance level 3765.00 (top of wave 1 from the start of July).

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