We've been tracking AMZN for a few days now. View my initial post here :
We're sitting on top of our key level the 61.8% retracement level off of all time high ($1901.88). We've respected this level historically and again in recent history. If we can turn it into support, I very much like a swing entry towards $1942 or better from this level.
I've zoomed out to the 4 hour chart so we can see the big picture here. As we can see by the volume profile, there is not a lot of resistance above this $1901.88 level. If we can get the market to blow in our direction we have strong upside potential. But this was always the goal.
We do have a possible rising wedge forming, but its unconfirmed so I've sketched it out with dotted lines. Just something to keep an eye on.
Day trading levels
Resistance, If we can hold above $1901.88 and build from there, the next level of resistance I see is 1917.51, followed by a move to 1942.00!
Support, If we fail to hold onto $1901.88 and the levels just below it down to $1900, I'm watching $1881.85 to hold as support.
My sentiment
I cannot call out bullish yet until we've proven that $1901.88 is our support. But it's a great sign we've broken this level. If we can turn this level into support I'm long for a swing. Otherwise, we'll fall back into the chop for a while longer.
We're sitting on top of our key level the 61.8% retracement level off of all time high ($1901.88). We've respected this level historically and again in recent history. If we can turn it into support, I very much like a swing entry towards $1942 or better from this level.
I've zoomed out to the 4 hour chart so we can see the big picture here. As we can see by the volume profile, there is not a lot of resistance above this $1901.88 level. If we can get the market to blow in our direction we have strong upside potential. But this was always the goal.
We do have a possible rising wedge forming, but its unconfirmed so I've sketched it out with dotted lines. Just something to keep an eye on.
Day trading levels
Resistance, If we can hold above $1901.88 and build from there, the next level of resistance I see is 1917.51, followed by a move to 1942.00!
Support, If we fail to hold onto $1901.88 and the levels just below it down to $1900, I'm watching $1881.85 to hold as support.
My sentiment
I cannot call out bullish yet until we've proven that $1901.88 is our support. But it's a great sign we've broken this level. If we can turn this level into support I'm long for a swing. Otherwise, we'll fall back into the chop for a while longer.
Comment:
This is exactly why I wouldn't make a bullish call. We need to claim that key level at $1901.88 first.
