Amazon Wave Analysis 8 March, 2021

• Amazon reversed from support level 2900.00

• Likely to reach resistance level 3150.00

Amazon recently reversed up with the daily Hammer from the long-term support level 2900.00, which has been reversing the price from the end of July as can be seen below.

The support zone near the support level 2900.00 was strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the upward impulse from March of 2020.

Amazon is likely to rise further toward the next resistance level 3150.00 (top of the previous minor correction (iv) from last month).