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.