Watch These Amazon Price Levels as Stock Hits New Record High | Global News Avenue

Amazon (Amazon) The stock price hit another record high on Thursday, rising against the broader market. The market is down today and increased year-to-date gains to 45%.

On Tuesday, the tech giant said Building a supercomputer using its in-house Trainium chipswhich will be used Artificial Intelligence (AI) Startup Anthropic. according to a report this wall street journala move that allows the company to compete with AI favorite Nvidia (NVDA) in profitable Graphics processing unit (GPU) chip market.

Also this week, E-commerce giant report Holiday shopping season begins with record sales and number of items soldthe company said most of its sales come from independent sellers.

So far in 2024, Amazon has easily outpaced S&P 500 Index The return rate during the period was approximately 27%. The stock rose 1.1% to $220.55 on Thursday.

Let’s analyze it below technical On Amazon’s chart, indicate key price levels that investors may be watching.

Ascending Triangle Retest

After getting out of trouble ascending triangle Last month, Amazon stock retested the initial breakout area before moving higher, marking a continue The long-term upward trend of stocks.

at the same time, Relative Strength Index (RSI) Confirm bullish price action While the indicator remains below overbought levels, readings above 60 provide the stock with room for further gains. consolidate.

Let’s turn to Amazon’s chart to predict potential price target and identify three main support level This may attract buying interest during callback In stock.

Upside Price Targets to Watch

Investors can predict upside targets using the following methods Measurement principlea technique that analyzes previous price movements to predict future movements.

To apply this tool to Amazon’s chart, we measured the distance between the two triangles of the ascending triangle trend line Approach its widest point and add that amount to the breakout zone of the pattern. Therefore, we increase $50 to $200 with a projected target of $250, which is where investors may decide on the chart Lock in profits.

Monitor these major support levels

The first lower level to monitor is around $200. A second retest of this area may find buying interest near the top trendline of the ascending triangle, which may turn into a price floor.

A decisive close below this important level could see shares drop to around $190, where they could find support near the trendline connecting multiple markets. peak Formed on the chart between April and October.

Finally, a more significant downside move could trigger a drop to the $175 level. Investors can seek to accumulate buy and hold Positions in this space close to several months horizontal line This is coupled with a range of comparable trading levels on the chart from February to September.

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As of the date of this writing, the author did not own any of the securities mentioned.