AMAZON and its major trend high

The violent upward reversal movement of the stock in mid-March continues to mark its short-term technical scenario. The 113 dollar zonal level, the lower part of the bullish gap left in mid-May, is now the reference to watch. The scenario of a potential short-term technical rebound will remain active as long as the stock manages to stay above this reference in daily closing prices. In fact, the overcoming, with strength and volume, of the level of 135 zonal dollars would trigger a second bullish continuation signal whose projection could quickly catapult the value towards 146-160 zonal dollars.

Once there, Amazon should struggle to overcome its last major monthly high, an event that together with a subsequent recovery of $150 (congestion zone developed during the first half of 2022) in daily closing prices would confirm a bullish return figure of great magnitude. The $160 level would become the next target to reconquer, although a further extension in search of the $170-175 area would not be out of the question. Below, the $120 and $113 are the references to watch. The perforation of the latter at closing prices would confirm the downward break of its short-term bullish trendline, a scenario likely to initiate a strong corrective impulse.

Supports: $120, $113, $102 dollars
Resistances: 135, 146, 150, 160 dollars
Targets: (bullish) 150, 170-175 (bearish) 120, 103, 88 zonal dollars