I believe Amazon's stock will retrace to $175 or below for several reasons. Firstly, we've touched the top of the consolidating range at $188 for the third time, suggesting strong resistance at this level. Additionally, there's a bear flag forming on the hourly chart, indicating potential downward momentum. This presents a great buying opportunity when the stock hits the $175 area. Furthermore, with Prime Day coming up next month, I anticipate it will act as a catalyst to drive the stock back up to $200.
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