Usman Salis
AMZN – long only, 2 rounds off the same HS level today"—captured the disciplined approach behind these trades. The accompanying 2-minute chart revealed precision entries that worked both times, showcasing how technical structure and patience can create solid intraday opportunities.
What Happened
Trader Scott N capitalized on both setups, highlighting the importance of respecting validated technical zones. AMZN spent the day testing a key support zone near $228.50, and both times it touched that level, buyers stepped in aggressively. The first bounce came around 10:00 a.m., pushing the stock toward $231.50 before running into resistance. Later in the afternoon, the stock dipped back to the same level and bounced again toward $230, confirming that $228.50 was holding firm as intraday support.
Volume spikes accompanied both moves, signaling real buying interest rather than just noise. However, the stock couldn't quite break through the $231–$232 resistance zone, which kept the price action range-bound for the day. This kind of setup is classic intraday trading—identify the floor, ride the bounce, and respect the ceiling.
Key Takeaways:
- Support Level: $228.50 held strong twice, proving itself as a reliable intraday base
- Resistance Zone: $231–$232 capped both rallies, preventing any breakout momentum
- Volume Confirmation: Clear spikes during each bounce showed institutional buying defending the support level
- Broader Context: AMZN has been consolidating in a tight $225–$235 range since mid-October, reflecting cautious sentiment across large-cap tech stocks
What's Next
The big question now is whether Amazon can punch through that $231.50–$232 resistance. If it does, the next targets would be around $234–$236. But if $228.50 fails to hold in future sessions, traders will likely start watching $226–$225 as the next line of defense. For now, the double bounce confirms that buyers are still interested at lower levels—they're just not aggressive enough yet to push for a breakout.
Usman Salis
