Asset Watch
Tuesday July 23, 2024
If not, the area near $175 (the horizontal white line) marks the range of highs and lows that have materialised since the end of January. Therefore, it could provide a nice support zone if the drawdown continues.
Finally, Amazon’s 40-week MA (the yellow line) stands near $168. It marked the bottom in late 2023 and was a major resistance level during the 2022 bear market. As a result, it’s an ally for the bulls this time around.
So, can Amazon shake off last week’s rout, or should you wait until after the Aug. 1 earnings report to make your move?