Amazon - Two trading setups!
Updated
Hello Traders and Investors, today I will take a look at Amazon.
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Explanation of my video analysis:
In 2020 Amazon stock created massive resistance roughly at the $180 level and started a major correction away from the resistance in 2022. As we are speaking Amazon stock is once again retesting this major resistance level and is therefore at a quite decisive inflection point. Either we will see a breakout or another rejection after which we could then see the overall continuation towards the upside.
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Keep your long term vision,
Philip (BasicTrading)
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Explanation of my video analysis:
In 2020 Amazon stock created massive resistance roughly at the $180 level and started a major correction away from the resistance in 2022. As we are speaking Amazon stock is once again retesting this major resistance level and is therefore at a quite decisive inflection point. Either we will see a breakout or another rejection after which we could then see the overall continuation towards the upside.
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Keep your long term vision,
Philip (BasicTrading)
Comment
If Amazon stock doesn't reject the resistance now, a breakout is quite likely!And then we could see a break and retest as mentioned in the analysis...
Comment
Keep in mind: the more often AMZN retests the resistance, the higher the chance that we will break it.It is simply a rising channel formation - soooo profitable!
Comment
Tricky situation at the moment - patience is paying off!As you know: the more often we have a retest, the higher the chance of a break:
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Keep your long term vision.
Click here: basictrading.net
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Keep your long term vision.
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