Asset Watch
Tuesday, October 11 2022
The February 2022 high places next-level support near $109, and Amazon rallied before reaching this milestone in September. Likewise, Amazon filled the gap from its bullish July earnings report, so give-back has already occurred.
However, Amazon’s next challenge is $126. The level is near the May 2020 and June 2022 highs. But if successful, Amazon could attempt to recapture $136, which hovers near the early-June highs, as well as the January and March 2022 lows and the September 2022 highs. Also, Amazon’s 200-day moving average is $136.04, which adds confirmation.
As a result, could Amazon help ignite a Santa Clause rally, or will the bears play the Grinch for the remainder of 2022?