AMAZON: Small pullback expected. Buy the dip.

14 thg 11, 2024

Amazon is trading inside a Channel Up on the 4H timeframe, supported by both the 4H MA50 and the 4H MA200 and almost overbought on its 1D technical outlook (RSI = 68.804, MACD = 6.500, ADX = 38.620). The 4H RSI is printing a sideways pattern which was a sell signal when the previous bullish waves peaked. The first pulled back to the 0.382 Fib, the second to the 0.5 Fib. Consequently we expect a quick pullback here but technically the dip should be bought on the 0.382 Fib. Our target after that will be near the top of the Channel (TP = 230.00).

See how our prior idea has worked out:

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