Stock of the day: Amazon

In today’s stock of the day, let’s examine Amazon, which is currently at a crucial juncture, testing the psychological $200 level, marked with red on the chart. This horizontal support has a rich history, having acted as resistance in June and July before turning into support. The first test of this level has so far favored the buyers, with the price rebounding off it.

As long as the price remains above this support, the bullish sentiment remains intact, and the buy signal is valid. Given the generally positive sentiment surrounding stocks and indices, the likelihood of a sustained upswing is significantly higher. However, if the $200 support is breached, the next target would shift to the blue uptrend line, which may act as a secondary safety net for the buyers. For now, all eyes remain on the $200 level as the key battleground for market direction.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-amazon-7