AMZN - testing neckline support
AMZN broke above an inverse Head & Shoulders neckline 99 on 27 Jan and went on to hit 114 before disappointed earnings crashed it back down to 98 - 99. It could be find support around these levels due to a confluence of:
1. neckline (resistence turned support)
2. 50% fib retracement of AC upswing @97.80
3. 61.8% fib retracement of BC upswing @ 100
It is a second opportunity to go long at current level with an initial tight stop loss slightly under $96
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
1. neckline (resistence turned support)
2. 50% fib retracement of AC upswing @97.80
3. 61.8% fib retracement of BC upswing @ 100
It is a second opportunity to go long at current level with an initial tight stop loss slightly under $96
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
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