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Amazon (AMZN) Stock Price Surpassed $230 for the First Time
In a remarkable turn of events, Amazon’s (AMZN) stock price has surged to unprecedented heights, exceeding the impressive milestone of $230 for the first time. This significant breakthrough is a testament to the company’s unrelenting growth and dominance in the global e-commerce market.
Since our previous analysis on November 12th, we have been keenly monitoring the AMZN chart and anticipated a correction to the $200 level as part of a larger bearish correction. However, the price has defied all expectations by not only reaching but surpassing this critical resistance. This newfound territory is fueled by Amazon’s extraordinary financial performance in its previous quarter and market sentiment driven by Federal Reserve rate cut expectations.
Upon closer examination of the chart, we notice that AMZN is now poised at a critical juncture. The price has reached the upper boundaries of both ascending channels, suggesting that any further upward momentum may be challenged by strong resistance lines. Furthermore, our analysis reveals a bearish divergence forming on the RSI indicator, hinting at weakening buyer momentum.
Considering these insights, we cannot rule out the possibility of a correction in the near future. Should this occur, AMZN’s price might retrace to the lower boundary of the short-term black channel.
It is essential for investors to stay informed and up-to-date on market trends to make well-informed decisions. According to TipRanks, an overwhelming 45 out of 46 surveyed Wall Street analysts recommend buying Amazon stock, with a consensus target price of $244 within the next 12 months.
Investors interested in trading CFDs can now take advantage of FXOpen’s trading platform to capitalize on this remarkable upward momentum.
Source: fxopen.com
