Amazon is on his way back up

Hello everyone, as we all know the market action discounts everything :)

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The Amazon stock has dropped since the start of August where we see the price in July was trading near 3604.80 then it dropped to 3329.99 almost an 8% drop and the market created a gap, and since then its been struggling a bit to get back up.

At the end of the months, the price started to gain more momentum at August 20 the market started going up and jumped from 3199.00 to 3466.11 in 10 days.

It doesn't look like the market is slowing down as more buyers go in and this Bullish trend keeps on going up.

Scenario for the market movement :

The price already reached the first resistance line at 3459.30 today and its movement doesn't seem to be slowing down. We might see some strong resistance at the second line at 3497.04, But if the Bulls were able to keep control over the market then we will certainly see the price go back to the 3549.08 level no problem and from there a new battle will begin over control and the outcome will determine the movement of the market.

Technical indicators show :

1) The market is above the 5 10 20 50 100 200 MA and EMA (Strong Bullish sign)
2) The RSI is at 61.66 showing great strength in the market with no divergences between the market and the indicator.
3) The ADX is at 32.82 showing that the market is trending, with a positive crossover between DI+ (31.25) and DI- (21.06).

Daily Support & Resistance points :

1) 3369.52 1) 3459.30
2) 3317.48 2) 3497.04
3) 3279.74 3) 3549.08

Fundamental point of view :

Investors might be concerned with Amazon ( AMZN ) facing several headwinds in 2H21. Tough comps, re-openings, and supply chain/transportation constraints are all issues to consider as noted by Baird analyst Colin Sebastian.

However, following last week’s AWS Summit Online conference, the analyst believes investors should be paying more attention to Amazon’s cloud business.

“AWS trends remain positive with accelerating growth, healthy margin contributions, and increasing urgency among enterprises to adopt ‘digital transformation,’” the 5-star analyst said.

Amazon is reportedly investing in a live audio feature similar to Clubhouse that will include podcast networks, musicians and celebrities holding live conversations, shows and events.
Axios sources say the effort is being led by the Amazon Music team, which will make the features available to its subscribers, and the live programming will eventually be added to Amazon's live video service Twitch.

This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts and news for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!