Amazon.com, Inc.: Is AMZN Stock Price On Its Way to $150?

• Amazon.com, Inc. (NASDAQ: AMZN) highlights the bullish strength of the AMZN stock price 
• AMZN stock gave a year-to-date return of almost 50%
• AMZN stock price may get a minor pullback in the short term with support at $120.48

Amazon.com, Inc.’s (NASDAQ: AMZN) price prediction reveals the strong uptrend of the AMZN stock price since the start of 2023. Prior to this, the market witnessed a correction to the support level of $82. The Bulls started buying the dip and escalated the AMZN stock price by 50.71%. At present, the overall trend for the AMZN stock price is bullish, but the market may get a small pullback in the short term.

At the time of writing, Amazon.com, Inc. closed its trading session on Monday, 24th July 2023 at $128.80. This marked a drop of 0.92% over the prior day.

Amazon.com, Inc. Looks Bullish On the Daily Timeframe

Amazon.com, Inc.’s stock price has been on a steady climb since the beginning of the year. The AMZN stock price has attracted buyers in spite of its rising price. The price floats above the 200 EMA while riding the 9 and 15 EMAs, which represent a strong uptrend.

The price got a push after it broke a key resistance level of $110. The current trajectory of the market may lead the AMZN stock price to its next resistance level of $142. Presently, the price is getting a minor rejection as the market slides below the 9 and 15 EMAs. The AMZN stock price is resting at local support of $128.00.

How Far Will the AMZN stock Correct to?

On the 4-hour chart, the AMZN stock price shows some early signs of a possible reversal. The momentum is declining with the rising price. The diminishing volume is in contrast to the higher highs. These signs indicate that the price may get a correction in the short term. It could be due to profit booking.

Meanwhile, the AMZN stock price is taking support from an ascending trendline. The market may slide if the price breaches the ascending trendline. This may lead to a correction of the AMZN stock price to the next support level of $120. Since the overall trend is bullish, it wouldn’t be wise to short the stock in a strong uptrend.

RSI

The RSI indicator is currently at 42.15 It represents a mild bearish condition, where the market may move sideways. The price may slide down aggressively if RSI goes below 30.

MACD

MACD has made a bearish crossover above the 0 line. This means the price may correct in the short term and fall aggressively if the indicator goes below the 0 line

200 EMA

On the 4-hour chart, the price is above the 200 EMA. This means that the market is bullish with the control of the buyers. The 200 EMA acts as dynamic support, and the AMZN stock price may increase until it exceeds the 200 EMA.

Conclusion

Amazon.com, Inc.’s (NASDAQ: AMZN) price prediction reveals the strong uptrend of the AMZN stock price since the start of the year 2023. Investors are bullish on the stock price in the long term. However, the market may slide down in the short term as a pullback in this uptrend. The buyers may plan to buy the dips and ride along with the trend. The upcoming volatility can be best dealt with by using a good risk management strategy to make sure that the losses are under control.

Technical Levels 

• Support level: $120.40
• Resistance level: $140.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.