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Amazon (AMZN) Stock Price Surpassed $230 for the First Time
As of today’s trading session, Amazon’s stock price has made a historic breakthrough by surpassing the $230 mark for the first time. This remarkable milestone is a testament to the company’s unwavering commitment to innovation and its ability to adapt to the ever-changing market landscape.
Since our previous analysis, we’ve seen Amazon’s (AMZN) stock chart take on an exciting trajectory. As predicted, the price corrected with a test of the $200 level, aided by the median line of the blue channel. However, instead of consolidating or reversing, the stock continued to climb within the mentioned channels, ultimately reaching this unprecedented high.
Market sentiment remains optimistic, driven in part by Amazon’s impressive earnings report for the previous quarter and expectations of a Federal Reserve rate cut. The latter has helped propel the Nasdaq 100 index to an all-time high, as we reported yesterday.
Given these developments, many investors are left wondering if the price can continue its upward momentum. Technical analysis of Amazon’s stock chart today suggests that this might be challenging due to the fact that:
* the price is approaching the resistance lines of both channels
* the RSI indicator shows signs of overbought conditions
While this may raise concerns about a potential correction, it’s essential to note that 45 out of 46 surveyed Wall Street analysts recommend buying AMZN stock and are predicting an average target of $244 within the next 12 months.
For those looking to capitalize on Amazon’s remarkable growth, trading CFDs on FXOpen’s platform offers unparalleled access to the world’s biggest publicly listed companies. With ECN technology providing deep liquidity and fast trade execution, traders can react swiftly to market movements.
Remember to always carefully consider your own risk tolerance before engaging in any form of financial trading.
Source: fxopen.com
