Amazon stocks continues to amaze
Amazon continues to break to new highs, reaching almost $200.00, before pulling back a little. It was still up a good 2% at the time of writing, but it looks like more gains could be on the way after this week's bullish breakout.
On Wednesday, Amazon broke through the resistance in the $190 - $191 range, closing up 3.9% at a record high. This surge made it the fifth member of the "Magnificent 7" stocks to reach a market capitalization of $2 trillion. This breakout is a bullish signal that could sustain the tech rally even if leaders like Nvidia slow down.
The $190-$191 range has now become a crucial support zone to monitor for any short-term dips. To maintain the bullish sentiment, this area must hold.
The line in the sand is $185.33, Monday’s low. If this level is breached, it would invalidate the bullish breakout, indicating a false breakout and potentially leading to a significant sell-off.
But my base case scenario remains bullish and with the stock at record highs, it could easily rise above $200 in the days ahead.
By Fawad Razaqzada, market analyst at FOREX.com
On Wednesday, Amazon broke through the resistance in the $190 - $191 range, closing up 3.9% at a record high. This surge made it the fifth member of the "Magnificent 7" stocks to reach a market capitalization of $2 trillion. This breakout is a bullish signal that could sustain the tech rally even if leaders like Nvidia slow down.
The $190-$191 range has now become a crucial support zone to monitor for any short-term dips. To maintain the bullish sentiment, this area must hold.
The line in the sand is $185.33, Monday’s low. If this level is breached, it would invalidate the bullish breakout, indicating a false breakout and potentially leading to a significant sell-off.
But my base case scenario remains bullish and with the stock at record highs, it could easily rise above $200 in the days ahead.
By Fawad Razaqzada, market analyst at FOREX.com
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.