Verified Investing on $AMZN (Oct 29, 2026)
AMZN's 2022 ascending channel bottom near $215 and the 786 Fibonacci retracement at $217.87 held after hours as near-term support, driving a bounce of about $16; the speaker would still be very surprised if AMZN finished green tomorrow, though that bounce has to be taken into account.
Jump to any passage
Okay, next, guys. Oh my God, what a recovery here in Amazon, man. Oh my God. Now, just like Caravana, we had a very long and beautiful ascending parallel channel. This channel on Amazon looks very clean.
Look at this, which dates back to 2022 on the graph. Notice how every small breakout, or at least test of the bottom of this parallel, was pushing the price up strongly again. And today, it's no different, folks.
The price dropped to approximately $215 and a few cents after trading hours. I was working frantically on my phone trying to make some deals because I said, 'Oh my God, look at this support.'
The bottom of the parallel channel, and the Fibonacci 786 retracement of the peak and trough here. Wow, this will cause a rebound. And look what happened. Oh my God, I switched to the one-hour timeframe, and like I said, we got here close to 215 and a few cents, and then look at that rocket-like rise over there. Amazon's recovery has been incredible so far.
So, this will be interesting. Where are we headed tomorrow? What price will we open at tomorrow on Amazon? If we go back to the parallel channel, the bottom will still act as support even though we touched it after trading hours, that lower level as you can see at $217.87 at the 786 Fibonacci retracement.
So, this is the near-term support. I would be very surprised if we actually recover and manage to finish the day in the green tomorrow, but man, you have to take that into account given the bounce we've seen.
A bounce of about $16 in just the last half hour or 15 minutes. Unbelievable, guys.
What this channel has said about $AMZN
Verified Investing has 5 calls on this stock; only the adjacent ones are shown.