Amazon stock's technical setup suggests further upside, with key support levels and rising moving averages.

From Investing.com: 2025-01-24 04:38:13

Amazon (NASDAQ:) is poised for a rise into the 290s with a positive technical setup based on a breakout from a large base built from 2021 to 2024, as noted by Bank of America’s strategists. A bullish flag pattern from December 2024 to January 2025 further supports this outlook.

Key support levels for Amazon’s stock are identified at 215 and between 201-195. These levels are reinforced by rising 13-, 26-, and 40-week moving averages (MAs) at 217, 199, and 194, respectively. Moving averages filter out short-term price fluctuations, providing insights into longer-term trends.

The rising MAs for Amazon suggest potential further upward movement in the stock price, supporting the identified support levels and the positive technical setup. Technical analysis indicates a favorable outlook for Amazon’s stock performance in the near future.



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