June 12 Chart of the Day - Amazon
Amazon (AMZN) is well off its all time highs of $188.65 but also well off its January 2023 $81.43 low.
So where does that put it? Sort of right in the middle of its weekly chart around $125 but has been hard charging to the upside since mid March without much of a respite for the Amazon bulls.
Upside targets potentially include $130, $135, and $147 but as traders we know that price never moves in a straight line. In fact, about the only thing guaranteed in the markets is that price will cycle. It cycles up, and cycles down. Across all time frames and across all charts.
Short term pull back long opportunities could present around the $120 area, $112-$115, or possibly revisiting the $100 levels should price decide it wants lower.
We've marked off levels of interest in both directions on the daily and weekly chart and would love to hear your thoughts and if you plan to trade it.
Of importance to note is that since peaking at its all time high this chart tends to move in a very correct price action technical analysis fashion.
So what's next?
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
Take a look at the charts and let us know what you think.
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