AMZN heads up at $177: likely break but possible "lower high" for NASDAQ:AMZN by EuroMotif

AMZN heads up at $177: likely break but possible "lower high"

Amazon is finally catching up to its brethren.
It is currently testing a key level at 177.04/05
IF a correction is near, THIS could be the start.

$ 177.04 - 177.05 tight fib confluence is the key.
$ 170.83 - 171.71 is the first good support below.
$ 187.49 - 188.98 is next major resistance above.

I do think that the bull momentum will continue.
Break and Retest could be a late entry or an add.
Retrace could offer entries at the supports below.

===========================================

.

Note

Here we are again, testing 177 from underside

Zoom IN (m5) for a closer look at the price action since posting:

Pullback where expected,
nice clean bounce on support,
now testing double fib at 177.

============================================================================================

.

Note

Here we are again

testing our double fib from underside.

Zoom IN (15 sec)

in a mini orbit, see if we can achieve escape velocity northward.

============================================================================================

.

Note

Like an insect whose antenna just hit obstacle

It repeatedly feels for that thing it KNOWS is there to ascertain its EXACT location.

============================================================================================

.

Note

Obstacle located, conquered, retested

We might be good to go here, for the next leg up.

============================================================================================

.

Note

Here we are again, $177

This level is a tight confluence of two fibs,
one Genesis fib plus a Covid Stimulus fib,
the pair seems to have rather 'high gravity'.

Lets see if we bounce off this time,
or stay in orbit of these binary fibs.

============================================================================================

.

Note

Bulls holding our double fib at 177 with tenacity

Several wicks to it but holding for now.

.

Zoom in (m5)

Green arrows show the new supports forming.
The higher one at 179.57 will be key now.
From there we should reach new All Time Highs.

================================================================================================

.

EuroMotif

the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag

Related publications

Disclaimer

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.

EuroMotif

the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag