Stock of the day: Amazon

By Tomasz Wisniewski|

Published: November 28 2023, 06:17 GMT+0

Stock of the day: Amazon

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Welcome to our stock of the day analysis, where we’re focusing on Amazon, currently positioned at a pivotal point in its chart. Amazon is engaged in a critical battle at a significant long-term horizontal resistance around $146 – $147, highlighted in blue on the chart. This level has a storied past, acting as a crucial support in 2020 and 2021 before transitioning into a key resistance in 2022 and 2023.

One of the most notable features on the chart is the inverse head and shoulders pattern, marked with yellow. The $147 mark plays a crucial role in this pattern, serving as the neckline. The way Amazon interacts with this neckline will significantly influence future price movements.

For traders, the key lies in the closing price. If Amazon manages to close above this blue resistance zone, it will activate a strong long-term buy signal, indicating a potential upward trajectory. Conversely, a rejection at this level, characterized by the price bouncing off and moving lower, will signal a sell, suggesting a continuation of the bearish trend.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-amazon-5

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