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. ##
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.