- The Amazon stock price is trading at $131.7 with a decline of 2.01%.
- The stock price is giving the breakout of the $135.50 level.
Amazon.com, Inc. was established in July 1994 by Jeffery P. Bezos. It is a multinational technology company, that provides a platform for retail online services.
The AMZN price is trading at $131.17 at the time of writing with a market capitalization of $1.346 Trillion. This stock has been trading with a 10-day trading volume of 58.612 Million. The price faced a decline of 2.01% in the last trading session.
Amazon.com, Inc. (AMZN) Stock: Technical Analysis
Amazon’s stock is commencing a strong bullish rally after its consolidating phase. The price is facing difficulties to close above the 146.60 resistance zone, which is causing the price to fall time and again.
AMZN stock price has been in a continuous fall and making bearish candles for six days. It has left a small gap while falling in those six days. It has given the breakdown of the double-top neckline in the last trading.
The price currently seems to be sustained above the neckline of the double-top pattern or $135.50. If the price sustains above $130.55, it will fill the gap just above the current level. The price could trade inside the range of $146.60 to $130.55 in the upcoming trading session.
If the price gives the breakout of the $146.60 resistance zone, it may rise to its next resistance at $165. However, for the price to continue its downtrend, it must close below the $124 support level. The next support is at the $113 level.
Technical Indicators On The Current Trend
The AMZN stock price is trading above the 100-day and 200-day EMA lines, indicating the bullish sentiment and control of buyers over the price.
The relative strength index is at 41.23 and has started to slope in the upward direction. It indicates that the RSI line is in bearish territory for now. The stock could be seen in bullish territory as the RSI trends in the upward direction indicating more room for on the upper side.
Conclusion
The overall chart of the Amazon.com, Inc. (AMZN) stock price is bullish. It is facing difficulties from the $146.60 resistance, which is causing the price to fall. The price breaks the $130.55 support, which could take support from the 100 EMA line. We could wait for the breakout of $146.60 resistance or breakdown of $124 support to capture the upcoming move in the price.
Technical levels
Resistance levels: $146.60 and 165.
Support levels: $124 and $113.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading in the stock market comes with a risk of financial loss.