Amazon is moving higher from the lower side of the range and is now testing the upper boundary near 230, which is a bullish development. If we see a strong and decisive breakout, ideally with a daily close around 245 and a move out of the corrective channel, this would confirm the bullish scenario and open the door for further gains. In that case, traders could look for buying opportunities on wave four pullbacks, especially while price holds above the 220 level. A breakout above the channel could also lead to a retest of that channel as support. Momentum is improving, with RSI moving toward the 70 area, which supports the idea of a developing bullish trend.
Highlights:
. w-x-y pullback look completed
. Pullbacks into wave four could offer buy opportunities
. RSI strengthening toward 70, supporting bullish momentum
/Micron%20Technology%20Inc_billboard-by%20Poetra_RH%20via%20Shutterstock.jpg)
/The%20CoreWeave%20logo%20displayed%20on%20a%20smartphone%20screen_%20Image%20by%20Robert%20Way%20via%20Shutterstock_.jpg)
