Base before liftoff
Price on 
AMZN has created a base at this $144-$147 area which is also our neckline for our daily/weekly inverted Head and Shoulders.
All previous touches to this area (Left shoulder, head) have resulted in an immediate sell off showing this to be a strong resistance and previous support during 20'-22' covid era.
Bias: Long
Why: Consolidation on the end of the right shoulder of a HTF Inverted H/S.
I speculate that this could be the bottom for 2024 and possibly reach ATH in the long term.
In the short term we can see a clear rising wedge with a close buy signal on the MACD and RSI at its mid base, giving us room to move higher.
Break of structure of this wedge and i predict we see $150-$152 in the next 2 weeks.
Thoughts?
Pure speculation. Trade responsibly.
AMZN has created a base at this $144-$147 area which is also our neckline for our daily/weekly inverted Head and Shoulders. All previous touches to this area (Left shoulder, head) have resulted in an immediate sell off showing this to be a strong resistance and previous support during 20'-22' covid era.
Bias: Long
Why: Consolidation on the end of the right shoulder of a HTF Inverted H/S.
I speculate that this could be the bottom for 2024 and possibly reach ATH in the long term.
In the short term we can see a clear rising wedge with a close buy signal on the MACD and RSI at its mid base, giving us room to move higher.
Break of structure of this wedge and i predict we see $150-$152 in the next 2 weeks.
Thoughts?
Pure speculation. Trade responsibly.
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