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Technical Analysis – Amazon stock surges to fresh 9-month high
June 27, 2023 2:26 pmVideo
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Amazon’s stock has been in a steady uptrend since the beginning of the year, posting consecutive multi-month peaks. In the latest daily session, the price posted a fresh 9-month high of 131.36 but quickly pared some gains as the bulls seem to be exhausted.
This loss of positive momentum is also reflected in the short-term oscillators. Specifically, the RSI is ticking downwards above its 50-neutral mark, while the MACD dropped beneath its red signal line but remains positive.
Should the buying pressures wane and the price reverse lower, initial resistance could be met at 121.23, which overlaps with the 61.8% Fibonacci retracement of the 146.11-80.97 downtrend. Diving lower, the stock could descend towards the 50.0% Fibo of 113.54 before the 38.2% Fibo of 105.85 gets tested. If that hurdle fails, the spotlight could turn to the May bottom of 101.60.
On the flipside, should the price storm to fresh multi-month highs, the 78.6% Fibo of 132.17 may curb any upside attempts. Conquering this barricade, the bulls might aim for the 137.50 resistance territory. A break above that zone could trigger an advance towards the August 2022 high of 146.11.
Overall, Amazon’s stock has been steadily gaining ground in 2023, but the momentum indicators are slowly starting to suggest that bullish forces are fading. Hence, traders should not rule out the possibility of a downside correction before the stock extends its rally.
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