• Amazon reversed from key resistance level 103.20
• Likely to fall to support level 86.70
Amazon recently reversed down from the key resistance level 103.20 (former strong support from May and June), intersecting with the 20-day moving average and the 50% Fibonacci correction of the downward impulse from October.
The downward reversal from the resistance level 103.20 stopped the earlier short-term corrective wave 4.
Given the clear daily downtrend, Amazon can be expected to fall further toward the next support level 86.70.