AMZN: CONGESTION! How to proceed?
• AMZN is in a congestion, as seen in the 1h chart, trading between the black lines as shown above, while the 21 ema is completely flat;
• As long as AMZN remains inside this congestion, hardly we would see something new, however, any breakout could be interesting;
• By losing the support around 90s, AMZN has a target at the gap (red line at $86.82);
• On the other hand, by breaking the resistance around 996S, the next resistance is at $103.78 (previous top);
• Although AMZN seems erratic, these key points might offer us some clues on how to proceed. I’ll keep you updated on this.
Remember to follow me to keep in touch with my analyses!
• As long as AMZN remains inside this congestion, hardly we would see something new, however, any breakout could be interesting;
• By losing the support around 90s, AMZN has a target at the gap (red line at $86.82);
• On the other hand, by breaking the resistance around 996S, the next resistance is at $103.78 (previous top);
• Although AMZN seems erratic, these key points might offer us some clues on how to proceed. I’ll keep you updated on this.
Remember to follow me to keep in touch with my analyses!
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