Looking at
AMZN
the last time it was at its low-end support, using that as an anchor then plotting out the fibs actually revealed some pretty clear levels. Mainly this 50 fib line has remained a "high traffic" pivot for the stock this year. Even with Friday's gap down, AMZN stock briefly broke below it but held RIGHT at it by the closing bell. Also on the 1 hr, 30 min, and 15 min timeframes, the final candle was a dragonfly doji. Will it hold true to its usual bullish continuation definition or more pullback still in store?
COVID and reopening will likely be supporting "cast members" to determine where the follow-through comes from. Delta cases continue picking up but at the same time, AMZN is somewhat of a hybrid both as a reopening play and a lockdown survivor.
More: Top Reopening Penny Stocks to Buy in August 2021? 3 to Watch
AMZN
the last time it was at its low-end support, using that as an anchor then plotting out the fibs actually revealed some pretty clear levels. Mainly this 50 fib line has remained a "high traffic" pivot for the stock this year. Even with Friday's gap down, AMZN stock briefly broke below it but held RIGHT at it by the closing bell. Also on the 1 hr, 30 min, and 15 min timeframes, the final candle was a dragonfly doji. Will it hold true to its usual bullish continuation definition or more pullback still in store? COVID and reopening will likely be supporting "cast members" to determine where the follow-through comes from. Delta cases continue picking up but at the same time, AMZN is somewhat of a hybrid both as a reopening play and a lockdown survivor.
More: Top Reopening Penny Stocks to Buy in August 2021? 3 to Watch