Technical analysis

Amazon Wave Analysis – 27 July, 2020

Amazon Wave Analysis – 27 July, 2020

o Amazon reversed from key support level 2920.00
o Likely to rise to 3225.00

Amazon recently reversed up from the key support level 2920.00 (which stopped the (a)-wave of the active ABC retracement (iv) at the start of July).

The support zone near the support level 2920.00 was strengthened by the 61.80% Fibonacci retracement of the previous upward impulse (v) from June.

Amazon is likely to rise further toward the next resistance level 3225.00 (top of the previous minor correction (b)).

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