The main pattern on this chart is the breakout from the basing pattern that formed between September and June. This move to new highs suggested bulls were returning to the e-commerce giant after three quarters of consolidation.
Second, notice how prices have retested the previous highs around $3,500 from late April and late June. Depending on in the broader market, a deeper probe of the late June lows around $3,400 may occur. That would also be near the 50-day ( ).
Some non-technical events may also favor AMZN . are due on July 29. (It will be CEO Andy Jassy’s first quarter in the place of Jeff Bezos.) There’s also been a strong shift in the market recently toward growth stocks and the Nasdaq-100. Additionally, a potential return of coronavirus in the delta variant could rekindle some of last year’s stay-at-home sentiment.
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