Potential harmonic targets for Amazon share

Potential harmonic targets for Amazon share

Amazon share has been able to breach through the red line of the symmetrical triangle in addition to clearing the B point of the bearish harmonic crab pattern to stabilize around 796.00 regions.

We believe that, Amazon will target 804.00 levels followed by 826.00 where it completes the triangle, touching the PRZ- potential reversal zones- of the harmonic pattern as far as it stabilizes above 782.00 level.

Assessing technical indicators, some kind of trend exhaustion started to appear on RSI14 and that may cause slight retreat, while MACD remains positive along with the three moving averages.

Stop loss for any long setups should be placed below B point.

Amir El Araby

Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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