Black Friday saleUp to 70% OFF
Amazon.com Inc (Extended Hours)Amazon.com Inc (Extended Hours)Amazon.com Inc (Extended Hours)

Amazon.com Inc (Extended Hours)

No trades
See on Supercharts
Overview News
Ideas
Discussions Seasonals

AMZN trade ideas

AMZN on the Move: Breakout or Reversal? | Nov. 27, 2024Introduction
Amazon (AMZN) has been showing notable price action, consolidating above key levels while forming a potentially bullish structure. For traders, this is a critical time to determine whether AMZN will sustain its momentum or face resistance. Let’s break down the technicals and create a clear game plan for scalping and swing trading. For a deeper dive, check out our latest podcast episode here: Market Outlook Briefing. Technical Analysis & Trading Plan 1. Market Structure & Price Action AMZN is trading near $208, breaking out of a consolidation zone and forming higher lows since the $195 level. The recent uptrend aligns with a bullish channel, suggesting a continuation if buyers maintain control. However, the price is approaching a key resistance zone where traders should remain cautious. * Immediate Support Levels: * $205.35: A key level that has acted as a pivot during this rally. * $202.02: Strong support and a liquidity zone; failure to hold could signal a pullback. * $196.70: The base of the recent trend; a critical level for bulls. * Resistance Levels: * $208.50-$210: Immediate resistance with heavy supply, marking the upper boundary of the trend channel. * $215.99: Next significant resistance; a breakout above this could signal a move to test $220. 2. Liquidity Zones & Order Blocks * Liquidity Zone at $205.35-$202.02: Watch for institutional buying in this range. Buyers stepping in here could fuel the next leg up. * Order Block at $196-$198: This area saw significant accumulation. If revisited, expect strong support for long setups. Trading Setups Scalping Strategy 1. Bullish Breakout Play: * Entry: Above $208.50 with confirmation from volume. * Target: $210-$212. * Stop-loss: Below $207.50. 2. Rejection Play: * Entry: Short below $207 if resistance holds. * Target: $205.35-$202. * Stop-loss: Above $208.50. Swing Trading Strategy 1. Bullish Swing: * Entry: Near $205-$202 for a low-risk setup. * Target 1: $210, Target 2: $215.99. * Stop-loss: Below $200. 2. Bearish Swing (Risk-Managed): * Entry: If price breaks below $202, consider a short position. * Target: $196-$198. * Stop-loss: Above $204. Trader Sentiment & Volume Insights Trader Sentiment: * Bullish Sentiment: Retail traders and institutions seem confident after AMZN’s recent upward breakout. Buyers dominate above $205. * Cautious Bears: Traders are waiting for potential rejection near $210, which aligns with a significant liquidity trap for buyers chasing late entries. Volume Analysis: * Increasing volume near $205-$208 supports bullish continuation. However, tapering volume near $208.50 could indicate weakening momentum unless buyers step in. Prediction of Market Direction 1. Bullish Case:
If AMZN breaks above $210, expect a strong rally toward $215.99 and possibly $220. Higher lows and the bullish channel support this outlook. 2. Bearish Case:
A failure to hold $205.35-$202 may lead to a pullback toward the $196-$198 liquidity zone. Monitor volume for confirmation. Game Plan Summary For Scalpers: * Look for quick plays near $208-$210 with volume confirmation. * Stay disciplined with tight stop-losses to manage risk. For Swing Traders: * Focus on entries near support zones ($202-$205) or post-breakout ($210). * Patience is key—wait for pullbacks to ensure favorable risk-reward setups. Conclusion Amazon is at a crucial juncture, offering opportunities for both bullish and bearish setups. Scalpers can capitalize on intraday volatility, while swing traders should focus on the broader trend and key levels. Stay disciplined, use volume as a guide, and adjust based on market conditions.
NASDAQ:AMZN
by BullBearInsights
AMAZON Trend Stream Strat BUYScenario Analysis: Update: 11/26/2024 Market incline by 3.0% -TP1 / 3.2% -Tp2 then retraces to low area @ 210.46 Market inclines 3.2% then inclines 1.1% / 1.4% - 217.5 area due to increased volatility and sentiment of crowd market could continue to tp 3 due to situation of the push. Market incline 3.2% then decline 1.1% / 1.4% - 211.5 area News & Events: Update: 11/26/2024 Amazon outperforming market competition resources match SEIIV4L studio's economic data Trump new tech tariffs Structure: Strong solid green candles wicks small, trend unexpected to fall for reversals TA/TC & ECN wise MacD Crossing 50/50 area idicates higher volatility on both buying sides Strong bullish volatility price action jump getting wilder Objective & Targets: Update: 11/26/2024 Market incline by 3.0% -TP1 / 3.2% -Tp2 then retraces to low area @ 210.46
NASDAQ:AMZNLong
by Sylynt056
AMZN TO TEST $195 and then LONG and make new highswww.tradingview.com VOLUME dips when price increase from $200 level and increase when price dips meaning $200 level buyers and exhausting. High selling pressure from ATH and today morning near $204.50 make sense that bears getting stronger for near term. On 4H chart, VOLUME divergence on two highs, when price and volume increased on first high and volume dips on 2nd high (ATH) or even on breakout from first high level. Thus showing low interest in buying at high levels for at least short term. $195 level getting support from 200 day MA
NASDAQ:AMZNLong
by MAFIA_TRADER074
1
Aiming for Resilience: Trading Strategies for Amazon Next WeekRecent Performance: Amazon has faced significant market fluctuations recently, experiencing a loss of over 4%. The stock reached a temporary high before encountering resistance, resulting in sideways trading patterns. Market pressure has intensified following competitive tensions with other companies, particularly Hims and Hers, which contributed to Amazon's decline. The overall sentiment surrounding Amazon is notably negative, impacting investor confidence. - Key Insights: Investors should carefully evaluate potential entry points for trading Amazon. The recent resistance levels indicate a possible continuation of bearish momentum, warranting caution in long positions. With Amazon's advertising strategy anticipated to improve revenue, understanding when to enter or exit trades could be crucial as the stock approaches key price levels. - Expert Analysis: Market experts express concerns regarding Amazon's positioning, particularly with the integration of its advertising strategy and increasing competition in sectors such as telehealth. While the long- term outlook remains bullish, a current bearish sentiment requires strategic adjustments by investors. The anticipated holiday season could serve as a catalyst for a potential turnaround. - Price Targets: Based on the wisdom of all professional traders, the following price targets and stop levels are recommended for Amazon: Next week targets: Target 1: 208.79, Target 2: 216 Stop levels: Stop 1: 200, Stop 2: 198 Longer-term targets include a potential move to the resistance at 230 within the next two months, contingent on market conditions. - News Impact: Significant news impacting Amazon includes its entry into the telehealth market, inducing a sharp decline in Hims and Hers shares. Additionally, Amazon's plan to enhance advertising on its platforms could provide substantial revenue boosts, positioning it favorably for long-term growth despite recent trading pressures. The robotaxi market also presents new strategic avenues for Amazon's growth, garnering interest from investors.
NASDAQ:AMZNLong
by CrowdWisdomTrading
AMAZON: Small pullback expected. Buy the dip.Amazon is trading inside a Channel Up on the 4H timeframe, supported by both the 4H MA50 and the 4H MA200 and almost overbought on its 1D technical outlook (RSI = 68.804, MACD = 6.500, ADX = 38.620). The 4H RSI is printing a sideways pattern which was a sell signal when the previous bullish waves peaked. The first pulled back to the 0.382 Fib, the second to the 0.5 Fib. Consequently we expect a quick pullback here but technically the dip should be bought on the 0.382 Fib. Our target after that will be near the top of the Channel (TP = 230.00). See how our prior idea has worked out: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
NASDAQ:AMZN
by InvestingScope
AMZN Approaching Key Resistance: Potential Breakout. Nov. 14, 24Amazon (AMZN) has been climbing steadily and is now testing a significant resistance level. Let’s dive into the supply and demand zones, price action, MACD, volume, and EMA indicators to spot actionable levels for scalping and swing trades. Market Structure Overview: AMZN is in an uptrend, approaching a strong resistance level around $215. The recent bullish momentum suggests a potential breakout, but with resistance nearby, a pullback could also occur. AMZN’s positioning near its highs makes this a critical area to watch. Key Zones: Demand Zone (Support): $210.74 - $212.00 This area has consistently attracted buyers, providing immediate support. If AMZN retraces to this level and shows signs of holding, it could be a great entry point for a long position. Supply Zone (Resistance): $214.30 - $215.09 This range represents resistance, where previous attempts to break higher have faced selling pressure. A breakout above $215 with volume would signal bullish continuation, while rejection at this level could result in a pullback. Order Block Insight: An order block is visible around $212-$213, where institutional interest seems active. Reactions at this level could guide short-term trades, especially for scalpers watching for breakouts or bounces. Support & Resistance with Entry, Exit, and Stop Suggestions: Immediate Support: $212 Long Entry: Around $212 if there’s a bounce, targeting exits at $214 and $215. Stop-Loss: Below $210 to manage risk if AMZN breaks lower. Immediate Resistance: $215 Short Entry: Near $215 if resistance holds, with targets at $213 and $212. Stop-Loss: Above $216 to limit potential losses if a breakout occurs. Swing Trade Setup: Swing Long: Above $215.09, targeting $218 and $220 if momentum sustains. Stop-Loss: Below $214 to control risk if the breakout fails. Swing Short: Below $210, aiming for $205 as the next support level. Stop-Loss: Above $212 to manage risk if AMZN reverses. Price Action Insights: AMZN’s recent move toward $215 reflects strong buying interest, but the price action shows a slight hesitation near this level. A confirmed breakout above this range could signal a bullish continuation, while a rejection could see the stock retrace to the $212 support zone. MACD and Volume Analysis: MACD: The MACD shows a bullish crossover with a positive histogram, indicating upward momentum. This aligns with the potential for a breakout if AMZN clears $215 with strong volume. Volume: Volume has increased during the recent uptrend, supporting the price action. Higher-than-average volume near $215 would add confidence to a breakout scenario. Low volume, however, may result in a lack of follow-through, increasing the chance of a pullback. 9 EMA & 21 EMA Analysis: 9 EMA: AMZN is trading above the 9 EMA, indicating short-term bullish momentum. If the price stays above this level, it suggests continued strength, making it a good signal for scalpers. 21 EMA: The 21 EMA is below the 9 EMA, confirming the uptrend and providing additional support. As long as AMZN remains above both EMAs, bullish momentum should persist. Scalping & Swing Outlook: Scalping: Look for quick long entries around $212 for bounces toward $214 or $215. For short scalps, $215 provides a resistance zone to play with a pullback toward $213. Tight stops are recommended given the current volatility. Swing: A breakout above $215 with volume would favor swing longs, aiming for higher price targets. On the other hand, a break below $210 would open the door for short opportunities targeting $205. Directional Thoughts & Suggestions: AMZN’s current setup suggests a slight bullish bias if it can break through $215. My suggestion is to watch for a potential breakout above $215.09, targeting $218 if momentum holds. However, if AMZN fails to break this level and volume dries up, a short-term pullback toward $212 or $210 becomes more likely. Conclusion: AMZN is at a critical resistance level, with setups for both bullish and bearish moves. Scalpers and swing traders should monitor the price action and volume closely around $215. Keeping tight stops and observing reactions at these levels will be crucial to managing risk effectively. Disclaimer: This analysis is for educational purposes only and not financial advice. Please conduct your own research and consult with a financial advisor. Trading involves risks, and past performance does not guarantee future results.
NASDAQ:AMZN
by BullBearInsights
AMAZON Minor pull-back and then off to $240.Amazon Inc. (AMZN) has been following our bullish signal within the Channel Up we indicated on August 23 (see chart below) very accurately and is halfway through to our $240.00 long-term Target: This is also confirmed on the lower time-frames, namely the 1D on this chart, where the stock can be seen trading within a Channel Up and having started its most recent rebound on the 1D MA50 (blue trend-line). The first Bullish Leg of the Channel Up, pulled-back to the 1D MA50 (and Fib 1.0) after approaching the 1.382 Fibonacci extension level and then rebounded aggressively to hit (and even break) the 2.0 Fibonacci extension. Even the 1D CCI sequences between the two fractals are quite similar. As a result, we don't dismiss the possibility of a 1D MA50 pull-back but that will be another buy opportunity on Amazon's way to $240.00. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
NASDAQ:AMZN
by TradingShot
3
AMZN: Rising Wedge Formation with Key Support and Resistance📌 Overview Amazon Inc. (AMZN) appears to be forming a rising wedge pattern on the 1-hour chart, typically signaling potential bearish reversal if support levels do not hold. Current price action is testing significant resistance levels, and the 9 EMA and 21 EMA are in play to provide momentum signals. Let’s analyze the key levels, indicators, and potential trade setups. 📊 Current Trend on the 1-Hour Chart The 1-hour chart shows a series of higher lows, with price moving upward in a narrowing range, forming a rising wedge pattern. This setup often indicates a potential bearish reversal, especially if price fails to break above resistance. Short-term bullish momentum is present, but there are signs of slowing as the price approaches resistance zones. 📉 Key Levels Resistance Levels: $212.25: The most recent high and an important resistance level. A breakout above this level, particularly with volume, could suggest bullish continuation despite the rising wedge structure. $210.68 - $209.00: The ask price at $209.00 and nearby resistance at $210.68 are key zones where price has been struggling. A rejection here could lead to a pullback to lower support levels. Support Levels: $205.62: This is a critical support level and the lower boundary of the rising wedge pattern. A breakdown below this level, especially with volume, could trigger a bearish move. Trendline Support: The upward trendline from the wedge formation is another potential support area. If price respects this line, it could provide short-term bullish support, but a break below would reinforce bearish sentiment. 🔄 Indicators 9 EMA and 21 EMA: The 9 EMA (faster-moving) and 21 EMA (slower-moving) are converging, suggesting a potential shift in momentum. If the 9 EMA crosses below the 21 EMA, it would add to the bearish case, while a cross above could support a bullish breakout. MACD: The MACD shows signs of weakening momentum, with the histogram flattening and a potential bearish crossover forming. This aligns with the possible reversal signal from the rising wedge pattern. Volume: Volume has been decreasing as AMZN approaches the resistance zone, a typical signal in wedge formations. A volume spike upon breakout or breakdown will be crucial in confirming the direction of the next move. 🛠 Trade Setup Bearish Scenario: If AMZN breaks below $205.62, it could indicate a breakdown from the rising wedge pattern, suggesting potential downside. In this scenario, a target could be around $202, with further downside possible if selling pressure persists. Bullish Scenario: A breakout above $212.25 with increased volume would invalidate the wedge’s bearish potential, signaling bullish continuation. In this case, targets would be $215 and higher. ⚠️ Risk Management Stop-Loss: For a bearish entry, consider a stop-loss above $210.68. For a bullish trade, place a stop-loss below the lower trendline or $205.62 to limit losses if the wedge breakdown occurs. Position Sizing: Adjust position size according to risk tolerance, as a breakout or breakdown can bring significant volatility. 📚 Key Takeaways AMZN is in a rising wedge pattern on the 1-hour chart, typically a bearish setup. Key levels to watch include $212.25 for resistance and $205.62 for support, with the 9 EMA and 21 EMA giving additional trend clues. Volume and MACD will be essential for confirming any breakout or breakdown. 💬 Conclusion Amazon Inc. (AMZN) is at a critical juncture with a rising wedge pattern on the 1-hour chart, indicating possible bearish pressure if support fails. Traders should monitor volume and EMA crossovers to confirm the next move, whether it’s a breakout or breakdown. Disclaimer: This analysis is for educational purposes only and should not be considered financial advice. Conduct your own research or consult with a financial advisor before making trading decisions.
NASDAQ:AMZN
by BullBearInsights
Amazon Stock (AMZN) Holds Above $200Amazon Stock (AMZN) Holds Above $200 On Thursday, October 31, Amazon released its Q3 earnings report: → Earnings per share: actual = $1.43, forecast = $1.14; → Gross sales: actual = $158.8 billion, forecast = $157.2 billion. The report exceeded analyst expectations, with additional optimism driven by Trump’s victory and a Fed rate cut, pushing Amazon’s stock price past the psychological $200 mark and reaching a new high above $210. Today, Amazon’s stock chart shows the price beginning to round off (indicated by an arrow). Does this signal the end of the bullish trend? Unlikely, given the strong fundamental support. In technical terms, it may be more accurate to consider the price’s vulnerability to a correction, especially as it sits near the upper boundary of an ascending channel. Should a correction occur, a retest of the $200 level is possible. Support may come from the median line of the long-term blue channel or the lower boundary of the short-term black channel. According to TipRanks, which surveyed 45 Wall Street analysts: → 44 analysts recommend buying AMZN stock; → On average, they forecast a 12-month price target of $238. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
NASDAQ:AMZN
by FXOpen
2
Amazon (AMZN) Long Side Analysis: Staying Bullish with CautionHey Again Folks! Just wanted to share some thoughts on Amazon (AMZN) — I’m still leaning on the 🔵 long side here, but keeping a close eye on a few key levels. Right now, AMZN is sitting around the $206-210 range, and it’s getting close to that resistance up at $213 🟢. This has been an important level before, so I’m watching to see if we can push through it with some strength 💪. If we get a strong breakout above $213 🔥, I think the next target to watch is around $236 📈. That area lines up with previous highs and could be the next stop if this momentum keeps up. But if we hit resistance and start pulling back, I’ll be watching the lower boundary of the channel and especially the $190 zone for support 🛠️.
NASDAQ:AMZNLong
by QuantumFusion
Amazon Prepares for Strong Holiday Season GainsAmazon has recently reached new all-time highs, signaling robust performance fueled by strong consumer demand as we approach the holiday season. The stock has traded above the critical $200 level, demonstrating strong momentum that positions it well to capitalize on winter sales activity. However, valuation concerns linger due to its high-profile status alongside companies like Apple, which could temper enthusiasm in the broader market context. - Key Actionable Insights: Investors should monitor Amazon's ability to maintain its upward trajectory, particularly as it approaches resistance levels around $230-$250. With the upcoming holiday sales expected to boost revenues, now is a critical time to evaluate entry points. Set alerts for price movements surrounding these key levels and consider taking action if favorable trends continue. - Sentiment Analysis: The current sentiment for Amazon stands at 45.95, reflecting a 3.69-point increase from last week's sentiment of 42.26. With total mentions across sources at 22, this positive shift suggests a growing bullish perspective among analysts and traders, indicating potential investor confidence in Amazon's performance. - Summary of Expert Opinions: Experts remain optimistic about Amazon's outlook, particularly given the recent partnership with AWS and Anthropics to strengthen its AI capabilities. Analysts cite the company's strong position for holiday season sales and a projected price target boost to around $230, signifying that the stock could continue to thrive even amid broader market volatility. - Technical Levels: Based on the wisdom of all professional traders, immediate target levels for Amazon are set at $220 (target 1) and $250 (target 2), with recommended stops at $205 (stop 1) and $200 (stop 2). Longer-term ambitions include a target of $250, expected within the next few weeks as the holiday shopping season ramps up. - Notable News: Recent headlines highlight Amazon's expected strong performance during the holiday season, alongside Jeff Bezos's substantial stock sale, which has raised some eyebrows regarding insider confidence. Additionally, the integration of advanced AI strategies positions Amazon as a competitive player in the tech space, further solidifying its market viability going forward.
NASDAQ:AMZNLong
by CrowdWisdomTrading
AMZN Technical Analysis for Nov.11, 20241. Trend and Price Channels Looking at the 1-hour chart, AMZN is in a strong upward channel. The stock recently tested a high of around $212.25, but has since pulled back slightly. The support line on this upward channel is holding well, keeping the bullish momentum intact. We should watch for a break above $212.25 for continuation, with the next potential target around $215 if the momentum sustains. 2. Moving Averages (EMA) The short-term EMAs, such as the 9 and 21 EMA, are showing a steady upward slope, reflecting strong bullish sentiment. As long as AMZN remains above these EMAs, the trend should stay positive. For scalpers, buying near the 9 EMA could offer good entry points in an uptrend, but a close below the 21 EMA might suggest caution as it may indicate a pullback. 3. Momentum and Volume The recent rally was supported by decent volume, but volume has tapered slightly. This reduction could signal a cooling period or consolidation. The MACD and RSI (not shown here) can provide further insights. For a short-term view, if MACD shows bearish divergence or if RSI enters overbought territory, it could mean a pullback is imminent. Swing traders should consider entering after a confirmed breakout above recent highs with strong volume to minimize risk. 4. Key Support and Resistance Levels Immediate Support: Around $208.20 (current bid level) Secondary Support: Near $200.34 Resistance to Watch: $212.25 (current high); beyond that, look for $215 Trade Suggestions Scalping: For scalpers, consider entering long positions on pullbacks to $208 - $209 with a target back toward $212. If price action shows weakness near $212, shorting briefly could be viable, but this is higher risk given the overall uptrend. Swing Trading: If AMZN breaks above $212.25 with strong volume, consider a swing trade targeting $215 or higher. A break below $200 could signal a deeper pullback or consolidation, so manage risk accordingly. Disclaimer: This analysis is for educational purposes only and should not be considered financial advice. Always perform your own research or consult with a financial advisor before making trading decisions.
NASDAQ:AMZN
by BullBearInsights
AMZN Poised for Breakout or Pullback? Key Levels to Watch!Analysis: Channel Trend: AMZN has been trading within an ascending channel, showing a consistent upward trend over the past week. The price recently tested the upper trendline of the channel, indicating strong bullish momentum but also a potential point of exhaustion. Volume Analysis: Volume has been decreasing slightly during the most recent rally, suggesting possible weakening buying pressure. Watch for a volume spike as confirmation of a breakout or potential reversal. Moving Averages: The 9 EMA and 21 EMA are providing dynamic support, with the price currently trading above both. This indicates strong short-term bullish sentiment. However, a break below these EMAs could signal a potential pullback. Key Support and Resistance Levels: Immediate Resistance: $212.25 (Recent high and upper channel boundary) Support Levels: First Support: $204.41 (previous breakout level) Second Support: $200.43 (psychological and strong support zone) Critical Support: $197.57 (breakdown level below which the bearish sentiment could accelerate) MACD Analysis: MACD is currently bullish, but the lines are converging, hinting at potential momentum loss. A bearish crossover could indicate a pullback or consolidation phase. Price Action Expectation: Bullish Scenario: If AMZN breaks above $212.25 with increased volume, it could test the next psychological level of $215. Monitor the breakout and watch for a retest of the upper channel as confirmation. Bearish Scenario: Failure to hold above $204.41 could lead to a pullback towards $200.43, where buyers may step in. A break below $197.57 could shift the momentum to the downside. Conclusion: Given the broader market rally over the last two days, AMZN may continue its upward momentum. However, traders should watch for potential resistance at the upper trendline and be prepared for a possible pullback, especially if volume does not support the current rally. Disclaimer: This analysis is for educational purposes only and should not be considered financial advice. Please perform your own research or consult with a financial advisor before making trading decisions.
NASDAQ:AMZN
by BullBearInsights
AMZN pullback to $196MODs have suggested that I provide more detail about the picks I make. Sorry. I'm not as verbose as y'all, and I don't like things to be complicated. My trading plan is very simple. I buy or sell at top & bottom of parallel channels. I confirm when price hits Fibonacci levels. Bonus if a TTM Squeeze in in play. I hold until target is reached or end of year, when I can book a loss. So... Here's why I'm picking this symbol to do the thing. (Buy puts or buy AMZD) Price at top of channels (period 100 52 39 & 26) Stochastic Momentum Index (SMI) at overbought level VBSM spiked positive Price at Fibonacci level In at $205.25 Target is $196 or channel bottom Stop loss is $208
NASDAQ:AMZNShort
by chancethepug
2
Amazon: Significant Breakout!The resistance at $189.76 has recently been a major hurdle for the AMZN stock. Since April, the price has essentially been moving sideways along this level, with each breakout attempt being sold off. As envisioned by our primary wave count, the stock has now managed a breakout above $189.76, developing a first impulsive move toward a new all-time high. We expect a more substantial correction only after the larger beige wave III has found its top at a higher level. An earlier sell-off remains possible as part of our 30% likely alternative scenario: this alternative count suggests that the recent peak was the top of the beige alt. b wave, which would lead to a pullback below $145.86 and a fresh low of the overarching blue wave alt. (IV).
NASDAQ:AMZN
by MarketIntel
AMZN Today Nov. 7, 2024Price Action & Trend: Amazon is following an ascending channel pattern with a series of higher highs and higher lows, suggesting a strong uptrend. The price is near the top of the channel, indicating potential resistance. If it breaks above this channel on high volume, it may continue the bullish momentum. Otherwise, it could face selling pressure and move back down toward the lower trendline. Key Levels: Resistance: Around $208. This level is just under the top of the channel, so it may act as a strong resistance zone. A breakout above $208 with solid volume could indicate further upside potential. Support: Around $200 - This is the first support level within the channel and a potential area where buyers might step in on a pullback. Lower Support Zone: Around $197 and $194 - These levels serve as additional support in case of a deeper pullback. Volume & Momentum: Volume seems to increase on upward moves, supporting the bullish trend. However, it’s crucial to monitor for potential volume decline if AMZN tests the resistance. MACD shows potential overbought conditions, indicating a chance for a pullback or consolidation. Watch for a bearish divergence if momentum weakens near the channel top. Potential Scenarios: Bullish: If Amazon breaks above $208 with significant volume, it may continue to rise. Intraday traders could consider entering on a confirmed breakout, targeting further upside within the channel's extension. Bearish: If AMZN is rejected at the $208 resistance, it could drop to the $200 level or lower support zones, presenting potential shorting opportunities on rejections at resistance or a breakdown below $200. Disclaimer This analysis is for informational purposes only and is not financial advice. Always do your own research or consult a financial professional before making trading decisions. Trading involves risks, and past performance is not indicative of future results.
NASDAQ:AMZN
by BullBearInsights