AMZN Shares Set a New All-Time High

As shown in the AMZN chart, yesterday the share price confidently surpassed the psychological level of $190, closing above $193.41, which is a new all-time high.

Specifically:
→ the growth was approximately +3.9% for the day, with the closing candle at the upper part (a sign of strong demand);
→ Amazon's market capitalisation exceeded $2 trillion.

According to Benzinga, the rise in AMZN's price was driven by:

→ the news that BofA Securities analyst Justin Post maintained a "Buy" recommendation and raised the target price from $210 to $220, citing the potential for improved efficiency through better logistics.

→ the information that Amazon is preparing to launch a discount section similar to Temu, which will offer direct delivery from China.

Technical analysis of the AMZN daily chart shows that:
→ the price is moving within an upward channel (shown in blue), being in the upper half of it (evidence of strong demand);
→ rising lows A-B-C, which formed under the $190 resistance, reflect the essence of the cup-and-handle pattern;
→ bulls have the potential to rise to the upper boundary of the channel.

The bulls may be supported by:
→ the $190 level, which had acted as resistance since mid-April but was broken yesterday;
→ the median line of the blue channel.

According to TipRanks, the average target price for AMZN predicted by Wall Street analysts is $221.55 (an increase of 14.43% from current levels) within 12 months.

Buy and sell stocks of the world's biggest publicly-listed companies with CFDs on FXOpen’s trading platform. Open your FXOpen account now or learn more about trading share CFDs with FXOpen.

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.