• Amazon reversed from long-term support level 3150.00
• Likely to rise to resistance 3300.00
Amazon recently revered up sharply from the long-term support level 3150.00 (previous monthly low from May, as can be seen from the daily Amazon chart below) – standing well outside of the lower daily Bollinger. The upward reversal from the support level 3150.00 started the active minor impulse wave 1 – which belongs to wave (C) from the start of January.
Given the strength of the support level 3150.00 the rising bullish sentiment that can be seen across the equities markets today Amazon can be expected to rise further toward the next resistance 3300.00 (former support from the middle of December).
