The Long Investor

$AMZN TOP 20

Added 2024-08-01 12:17:18 +0000 UTC

$AMZN reports after the close today along with $AAPL.

Price is already starting to recover after a strong flush down to $176 last week and yesterdays price action finished at the 50 Day MA at $187.

Up +2% in the PM now with optimism that they will beat on earnings today, PM action brings the price above the 50 Day MA and testing the 1.27 Fib at $190.

A retest of the $187 level today when the market opens would be a bullish signal....but it will all depend on the earnings release.....if it is as good as the previous earnings has been, where margins have continuously improved then we could see a bounce back up to the Bezos selling line at $200 again.

Wave 5 target remains at $210.

A rejection at the 50 Day MA at any stage today or after earnings will put the price under pressure to hold above the invalidation level at $174.