 stock is moving in an uptrend direction. The price is forming a higher-high pattern. Amazon, Inc.'s stock is trading){kind=link}
- Amazon Inc.’s (AMZN) stock has given a return of 37% in the last six months.
- AMZN. has a share float of 8.9 Billion.
Amazon Inc. (NASDAQ: AMZN) stock is moving in an uptrend direction. The price is forming a higher-high pattern. Amazon, Inc.’s stock is trading at $137.63.
According to analyst ratings, the AMZN stock will likely rise by 25.41 in the upcoming year. The target price is expected to be $172.70.
The AMZN stock reached its peak at $188.65 in November 2021, after which it entered a declining phase, experiencing a substantial drop of nearly 55%. However, the stock found a strong support level at $80.99 and initiated a recovery. It resulted in a gain of over 77% from that point onward.
At present, the stock’s price has formed a double-bottom pattern, considered a positive signal that suggests potential price growth soon. This pattern indicates an upward trend and may attract bullish sentiment among investors.
The stock has given a return of over 37% in the last six months. The overall structure of the stock is forming a positive pattern. It shows that the stock is in a positive trend.
Corporation (AMZN) Stock Price Analysis
aa by writer50_tcr on TradingView.com
Technical Indicators Overview
At present, the trading situation for AMZN stock shows that it is positioned above both the 50-day and 100-day EMAs. Furthermore, there is a bullish crossover occurring between these EMAs, which is generally seen as a positive signal.
The Relative Strength Index (RSI) line has entered the overbought zone and currently remains in that region. It is considered a favorable development and suggests the potential for future price growth.
Moreover, the MACD line is situated above the signal line, and both lines are above the zero line, indicating a positive trend. This configuration suggests that the price is likely to increase.
The volume of AMZN stock is also on the rise, as evident from the charts. This increase in trading volume indicates active buyer engagement and the establishment of new positions.
Conclusion
As per the analysis, AMZN stock is trending in an upward direction. The price has formed a higher high pattern and given a return of over 37% in a year. The volume of the stock is also rising. Thus, by looking at the overall pattern and indication, it can be concluded that the probability of the price moving above is higher.
Technical Levels
Support Level: $114
Resistance Level: $143
Disclaimer
The views and opinions of the author or anyone in this article are for informational purposes only. They do not offer financial, investment, or other advice. Investing in or trading crypto assets involves the risk of financial loss.
