Amazon (AMZN) Stock Price Surpassed $230 for the First Time
Amazon (AMZN) Stock Price Surpassed $230 for the First Time
On 12th November, while analysing Amazon (AMZN) stock chart, we:
→ drew two ascending channels (a long-term one marked in blue and a steeper one represented by black lines);
→ anticipated a test of the $200 level as part of a correction.
According to the AMZN chart, since then:
→ the price corrected with a test of the $200 level (indicated by an arrow), aided by the median line of the blue channel;
→ it continued to climb within the mentioned channels, reaching a new all-time high — this week, the price hit $233.
Positive market sentiment is driven, among other factors, by:
→ Amazon's strong earnings report for the previous quarter;
→ expectations of a Federal Reserve rate cut, which helped the Nasdaq 100 index reach a new record, as we reported yesterday.
Can the price continue rising?
Technical analysis of Amazon’s stock chart today suggests this might be challenging because:
→ the price is near the resistance lines of both channels;
→ the RSI indicator is in the overbought zone, and you can spot a bearish divergence forming (a sign of weakening buyer momentum).
Given these arguments, the price could undergo a correction. If so, it might drop to the lower boundary of the short-term black channel.
According to TipRanks:
→ 45 out of 46 surveyed Wall Street analysts recommend buying AMZN stock;
→ on average, they predict AMZN’s price will reach $244 within 12 months.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
On 12th November, while analysing Amazon (AMZN) stock chart, we:
→ drew two ascending channels (a long-term one marked in blue and a steeper one represented by black lines);
→ anticipated a test of the $200 level as part of a correction.
According to the AMZN chart, since then:
→ the price corrected with a test of the $200 level (indicated by an arrow), aided by the median line of the blue channel;
→ it continued to climb within the mentioned channels, reaching a new all-time high — this week, the price hit $233.
Positive market sentiment is driven, among other factors, by:
→ Amazon's strong earnings report for the previous quarter;
→ expectations of a Federal Reserve rate cut, which helped the Nasdaq 100 index reach a new record, as we reported yesterday.
Can the price continue rising?
Technical analysis of Amazon’s stock chart today suggests this might be challenging because:
→ the price is near the resistance lines of both channels;
→ the RSI indicator is in the overbought zone, and you can spot a bearish divergence forming (a sign of weakening buyer momentum).
Given these arguments, the price could undergo a correction. If so, it might drop to the lower boundary of the short-term black channel.
According to TipRanks:
→ 45 out of 46 surveyed Wall Street analysts recommend buying AMZN stock;
→ on average, they predict AMZN’s price will reach $244 within 12 months.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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