AMZN 8/14

Key Observations:

Price Action:
The price appears to be in an uptrend, as indicated by the higher highs and higher lows on the chart.
A clear resistance level is visible around $172, where the price has tested multiple times.

Volume Profile:
There is a significant volume node around $167.50 to $166.15, indicating a strong area of support.
The price has broken above a high volume area, suggesting potential further upside if the momentum continues.

Trend Lines:
The two ascending trend lines suggest a channel pattern, with the price approaching the upper boundary of the channel.
The price is currently testing the upper trend line, which may act as a resistance.

MACD:
The MACD is showing a slight bullish crossover, indicating potential upward momentum.
However, the histogram is relatively flat, which could mean the momentum is not very strong.

Technical Levels:
Resistance:
$172 - $173: Strong resistance level, as seen from previous price action and the trend line.
$178 - $180: If the price breaks above the $172 level, the next significant resistance is around $178-$180.

Support:
$167.50 - $166.15: This area has strong support due to the high volume traded at these levels.
$162: A lower support level, which is also a high-volume node.

Potential Trading Strategy:
Bullish Scenario:
Look for a breakout above $172 with strong volume for a potential long entry, targeting the $178-$180 range.
Alternatively, wait for a pullback to the $167-$166 area for a potential long entry, with stops below $166.

Bearish Scenario:
If the price fails to break above $172 and shows signs of reversal, a short entry could be considered, targeting the $167-$166 support area.
A break below $166 could lead to a deeper correction towards $162.

Conclusion:
Amazon (AMZN) is currently in a bullish trend but is approaching a critical resistance level. Watching for a breakout or a pullback will be key in determining the next move.