(MENAFN- Daily Forex)

• Amazon has gapped lower to kick off the trading session here on Wednesday to reach toward the $215 support level, only to turn around and rally significantly. The market looks as if the $223 level could be a bit of a barrier to overcome, but I think at this point in time, when you look at Amazon, it's very difficult not to see some type of admittedly messy, but some type of consolidation range, perhaps between $215 and $237.
• As we have bounced from this area, I think it's a very good sign that we may continue doing so. Keep in mind that volume in Amazon is maybe a little higher than it's been. So hopefully this is a little bit of accumulation for those of you who are bullish. And we have the 200 day EMA sitting just below that $215 level that of course will come into factor as well, as it is a long-term trend indicator that a lot of other traders will be paying attention to.

Momentum Coming? Maybe.

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Ultimately, this is a market that I think is trying to find some type of momentum, some reason to go higher. We might just simply be in an area like we had been in the end of 2024, where there's just a lot of noise. It would make a certain amount of sense considering that we had jumped roughly $160 in April and at one point had tested the $240 level. So, I would expect a bit of noise. Earnings come out on the 23rd of October. So, we have a couple of weeks before that. With that being the case, it's very likely this is a market that is killing time, but I still favor the upside overall. We may just have a bit of a period of stasis here where we're just bouncing back and forth.

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