Amazon Wave Analysis 3 August 2023

– Amazon reversed from support level 126.40

– Likely to rise to resistance at 133.75

Amazon recently reversed up from the key, multi-month support level 126.40, former resistance from June, which has been reversing the price from the start of June.

The support level 126.40 was strengthened by the intersecting lower daily Bollinger Band, support trendline of the daily up channel from March and the 38.2% Fibonacci correction of the upward impulse from May.

Given the clear daily uptrend, Amazon can be expected to rise further toward the next resistance at 133.75.