Today 9/13/2023 AMZN broke resistance at $144. The 8 hour time frame is showing a golden cross and all exponential moving averages above the 200 (orange line) & 50 day ema (pink line). To step it up for even more confirmation the 10 day ema (baby blue line) and 20 day ema (yellow line) shown by the blue and yellow lines also reflect a bullish break of structure. Our target prices to look for are: $147.27 the upside before we potentially break $150, and if we fall expect the ticker to hold at $138.16 to the downside for solid support in the supply zone.
Before 9/15/2023 we want to see AMZN above $145.19.
The question is why is AMZN so bullish?
Theoretically it could be based on the momentum of ADBE reporting earnings on the evening of 9/14/2023.
The next thought is the demand of AMZN web services and increase of it's AI innovation for the ecommerce aspect of the company.
Many are calling for $160 before the end of November. What are your thoughts?