AMZN is at weekly and daily demand zones.
Updated
AMZN is at key weekly and daily demand zones which have held up for the past several months. The daily 100 EMA and weekly 20 EMA have served as strong demand zones on this entire move higher after last earnings season, and we have been swinging the stock long from these levels in the 170s, before scaling out at $190 and $200 targets. This dip into $182 is a great level to reload equity that was sold into targets for a potential move back to highs. The trade will be invalidated if it builds below these levels; however, entry here provides favorable reward-to-risk ratio.Trade closed: target reached
AMZN traded up to the first target at $185 the next day, and the remainder of the position was sold at $189 yesterday, prior to the $190 supply. If you are still in, use a breakeven stop on the remainder of the position.
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