Amazon’s share price is making headlines as it trades at $206.99 (pre-market), reclaiming critical levels following a brief dip to $197 earlier this week. With Black Friday sales underway and holiday shopping season kicking off, Amazon’s performance is back in focus. The big question now is: can AMZN sustain its recent momentum and push higher, or is the current rally running out of steam?
$215.96: This is the next major resistance zone. A break above could trigger a stronger bullish run, potentially targeting $225. $210.00: A minor resistance level that could act as a short-term barrier.
$205.74: Immediate support level, coinciding with recent lows. A break below this could expose the stock to further downside risks. $194.70: The 50-day SMA and a crucial support zone for AMZN. Holding above this level is vital to sustain bullish momentum. $180.39: A deeper support level, marking the bottom of its September consolidation range.
Amazon’s recovery above $205 marks a significant technical shift. However, whether this rally sustains depends on a few key factors:
Amazon’s ability to reclaim $205 signals resilience, especially as the holiday season ramps up. The focus now shifts to whether it can maintain this momentum and break through $215, a critical resistance level. For investors, it’s a waiting game to see how holiday sales and AWS growth translate into sustained gains.
With the holiday shopping frenzy on, Amazon could surprise both bulls and bears. Whether you’re in it for the long haul or looking for short-term opportunities, this stock demands attention.
This post was last modified on Nov 29, 2024, 11:48 GMT 11:48