Analysis:
AMZN is trading within a well-defined ascending channel, showing resilience near the $220 level. The stock has faced consistent resistance at $227-$230, as indicated by strong call walls in GEX data. The MACD is slightly bearish, with momentum waning, while the Stochastic RSI indicates oversold conditions, suggesting a potential bounce.
Volume remains steady, reflecting a wait-and-see attitude among traders, with key levels acting as a magnet for price action.
Key Levels to Watch:
* Resistance Levels:
* $227-$230: Significant resistance zone with the highest GEX levels.
* $233: Psychological resistance, aligning with extended targets.
* Support Levels:
* $217.50: Immediate support zone.
* $215: Critical level, aligning with strong put walls.
* $210: Final downside support before significant selling could accelerate.
GEX Insights:
* Gamma Exposure (GEX):
* Positive GEX peaks near $227-$230, creating strong resistance to upside momentum.
* Negative GEX levels around $215 provide a critical support floor.
* Options Activity:
* IVR: High at 56.4, signaling elevated implied volatility.
* Call/Put Ratio: Calls remain subdued at 13.2%, indicating bearish positioning.
Trade Scenarios:
Bullish Scenario:
* Entry: Break above $227 with strong volume.
* Target: $230 (first target), $233 (extended target).
* Stop-Loss: Below $220.
Bearish Scenario:
* Entry: Break below $217.50 with increasing selling pressure.
* Target: $215 (first target), $210 (extended target).
* Stop-Loss: Above $222.
Directional Bias:
AMZN is range-bound, with a cautiously neutral to bearish bias. A breakout above $227 or breakdown below $217.50 will likely signal the next major move.
Actionable Suggestions:
* For Scalpers: Trade within the $217.50-$227 range until a clear breakout or breakdown occurs.
* For Swing Traders: Monitor key zones around $215-$230 for directional trades.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and manage your risk before trading.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.