AMAZON at Key Support Level โ Rebound Towards $230?NASDAQ:AMZN is currently in a corrective phase after rejecting from the upper boundary of the ascending channel. The price has now reached a key support level within the channel, which aligns with a significant demand zone.
The confluence of the support level and the channel's lower boundary increases the probability of a bullish reaction at this point. If buyers step in, the price could rebound and target the $230.00 resistance level, which represents a logical area within the current market structure.
However, if this support zone fails to hold, a deeper retracement toward lower levels within the channel could occur, invalidating the bullish bias.
This setup reflects the potential for a recovery after the recent decline, supported by historical price action and the channel's structure. If you have additional insights or thoughts, feel free to share them!