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Asset Watch
Tuesday, July 19, 2022
However, the e-commerce giant confronts a technical environment that makes the next few sessions extremely critical. Amazon’s rising support line (which is now resistance) drawn from the 2016 lows has stopped the last two rally attempts and culminated with Amazon re-testing its lows near $102.09. Additionally, the level is also near the September and October 2018, and July 2019 highs.
With a $117 line in the sand, there is roughly a 3% upside before Amazon faces its third test. If the bulls prevail, next-level resistance is present near $123.91. But a rejection puts $102.09 in play once again.
So, will Amazon’s next $10 move be higher or lower?
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