Binary options of Amazon.com, Inc. (NASDAQ:AMZN) continue to rise, after the eBay second-quarter results boosted the optimism about the internet retail sector’s well-being.
The company is still moving up and keeping the positive trend, and as some binary analysts say, they never lost it. Let’s take a look at the biggest downfall of AMZN’s price from the all-time high of $246.71 at 14th of October 2011 to $166.97 at 29th of December. If we draw a Fibonacci fan between the lowest point of year 2010 at $105.80 and the highest point of year 2011 – the all-time high at $246.71, we can clearly see that the huge downfall is nothing more than a classical 61.8% retracement.
A quick look at the chart can show that the price is clearly moving inside the trend channels formed by the Fibonacci fan, and at the moment is moving above the 50% line.
Looking at a shorter time period, AMZN’s binary options are testing the $228.50 resistance, representing a 88.6% retracement of the last-week’s downward slide from $230.50 to $212.61. If that level breaks, binary traders might expect to see a rise above the $230.50 line.
Disclaimer:
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.
