AMZN Trade IdeaAmazon is playing well with this resistance zone. I have a short and long entry set based on Fibonacci levels.
Long trade idea:
Entry: Above Supply zone
Target: A 1.618 Fibonacci level drawn in the past.
Short trade idea:
Entry: Below Supply zone
Target: 1.618 Fibonacci
Whither I enter the trade or not depends on price action.
KEY:
-White Horizonal Lines: Previous resistance levels.
-Green Horizontal Lines: 1.618 fib level (previous days).
-Green boxes: Supply and demand