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Amazon Wave Analysis – 11 January, 2022

29595 amazon wave analysis 11 january 2022 scaled

• Amazon reversed from support level 3132.30

• Likely to rise to resistance level 3330.00

Amazon recently reversed up from the key support level 3132.30 (previous monthly low from May), intersecting with the lower daily Bollinger Band and the support trendline of the daily down channel from the middle of November.

The upward reversal from the support level 3132.30 created the daily Hammer, which stopped the earlier medium-term ABC correction (2).

Given the strength of the support level 3132.30 – Amazon can be expected to rise further toward the next resistance level 3330.00 (former support from December).

Source: Fxpro

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