AMZN Potential for bullish rise | 26th July 2022

On the H4, with prices moving along the ascending trendline and above the ichimoku indicator, we have a bullish bias that prices will rise to buy entry at 125.51 where the swing high resistance, 38.2% fibonacci retracement and 161.8% fibonacci extension are. Once there is upside confirmation that price has broken buy entry on the upside, we would expect bullish momentum to carry prices to take profit at 135.24 where the overlap resistance, 50% fibonacci retracement , -27.2% fibonacci expansion and 127.2% fibonacci extension are. Alternatively, prices could drop to stop loss at 117.71 where the pullback support, 38.2% fibonacci retracement and 61.8% fibonacci projection are.

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