Amazon’s Bullish Trend: A Technical Analysis Report
- Amazon’s stock price is on a bullish trend, breaking the key resistance level of 189.50.
- The next round resistance level is expected to be 200.00, indicating potential for further growth.
- The breakout was driven by the active minor impulse wave 5, part of the higher order impulse wave C from last October.
Amazon’s stock price is on a bullish trend, breaking past key resistance levels. This article provides a detailed technical analysis of the current market situation and future predictions.
Breaking Through Key Resistance Levels
Amazon’s stock price recently broke through the key resistance level of 189.50, which had previously halted the minor wave b at the start of April. This resistance level is now acting as support, following its breach. The breakout was driven by the active minor impulse wave 5, part of the higher order impulse wave C from last October.
Future Predictions: Resistance Level of 200.00
Given the current daily uptrend, Amazon’s stock price can be expected to rise further towards the next round resistance level of 200.00. This is the target price for the completion of the active impulse wave 5, coinciding with the daily up channel from last year. This prediction is based on a detailed analysis of market trends and historical data.
Conclusion
The bullish trend of Amazon’s stock price, coupled with the break of key resistance levels, suggests a positive outlook for the company’s stock. Investors and traders should keep a close eye on these developments, as they could present significant opportunities for growth. However, as with all investments, it’s important to conduct your own research and consider your personal financial situation before making any decisions.
