• Amazon reversed from pivotal resistance level 3425.00
• Likely to fall to support level 3320.00
Amazon earlier reversed down from the pivotal resistance level 3425.00 (former monthly high from February) – strengthened by the upper daily Bollinger Band.
The downward reversal from the resistance level 3425.00 created the daily Shooting Star earlier this month – and can create the same pattern if Amazon closes near the current levels today.
Given the overbought daily Stochastic – Amazon is likely to fall further toward the next support level 3320.00 (low of the previous corrective wave (ii)).