AMAZON Will easily overcome this. Buy now, low prices won't last
Amazon / AMZN has paused the aggressive rally since the start of the year and is testing the 1week MA100 as Support.
Being around the 0.618 Fibonacci level, a similar pattern where the 1week MA100 was supporting, emerged in 2007 and 2009.
You can see that it is the same sharp recovery formation, which after an aggressive rise, it accumulated on the 1week MA100 and then blasted through to the 1.382 Fibonacci extension.
It may not look like it but this price level is a buy opportunity that we might not see again any time soon. The 1.382 Fib is at $260. Late 2024 target perhaps?
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Being around the 0.618 Fibonacci level, a similar pattern where the 1week MA100 was supporting, emerged in 2007 and 2009.
You can see that it is the same sharp recovery formation, which after an aggressive rise, it accumulated on the 1week MA100 and then blasted through to the 1.382 Fibonacci extension.
It may not look like it but this price level is a buy opportunity that we might not see again any time soon. The 1.382 Fib is at $260. Late 2024 target perhaps?
Follow us, like the idea and leave a comment below!!
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