AMZN heads up at $187.49: last strong resistance before 200

This is a follow up to my $177 breakout call (click).

Nearing a significant resistance around $188.
Expecting a pullback but the market is strong.
At the least we should get some sideways action.

$ 187.49 - 188.98 is the immediate resistance of interest.
$ 197.94 - 199.63 is next major resistance and maybe top.
$ 181.95 - 182.39 is first good support that bulls must hold.

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Comentário:

Retesting our resistance zone from the underside

Zoom in (m3)

Piercing into the zone
Key level above is 188.96,
lets see if we break it again.

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Comentário:

Follow up to last update, we got a good dip

Dip was a Sister-to-Sister pass amongst Covid fibs (dashed).
The bounce has run into local purple fib at $184.58
Next jump is sizeable, so will need plenty of fuel first.

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Comentário:

Serious dip to end the week

Middle East turmoil sent market into Risk-Off mode with massive selling of tech stocks.

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Zoom in (m8) for a closer look at the drop

Dashed fibs are the "Covid Stimulus" wave,
one of which caused local top at $188.98,
and its sister tried to catch it at $182.39.

And the next one did not stand a chance

So we find the "Impulse" that occurred atnear the top and put a Red Fib Series on it:

Looking below a bit:

We should have decent support around 171.
$170.86 - 171.83 is the exact zone of interest.

Expecing a little bounce on Monday,
and then continuation to our support,
then we will see how strong bears are.

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Comentário:

Followup to last Snapshot:

We got a Bounced withOUT hitting our support zone

So now we are back to a DOUBLE fib at 177

That double fib is so important that I had posted another Idea just about that level

So now we wait for next US open,
to see if we orbit $177 for a while,
or maybe we launch from it, lets see.

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Comentário:

Almost back to our key resistance

Zoom in (m5) with some notes added:

Ignoring the quick round trip as it was reset exactly to the fib.
We got a "Loud" Ping on 174.78 which marked the local bottom.
Then the price "stitched" the $182 zone into good support.

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SUMMARY:
- The retrace is about to get filled.
- Quick dip on news got erased exactly.
- We should have decent support at $182.

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Comentário:

Testing our Resistance again:

$187.xx proving to be stronger than anticipated.
Break should be explosive, or we have topped.
Bullish while our "stitched" support at 182 holds.

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