Amazon (AMZN) Continuation Breakout in Focus
Chart Analysis:
Amazon's price action showcases a breakout from a consolidation channel (green shaded area), confirming the resumption of its broader uptrend.
1️⃣ Rising Trendline Support (Blue):
The price continues to respect the ascending trendline originating from September 2024 lows.
This trendline acts as a dynamic support zone, reinforcing the bullish structure.
2️⃣ Consolidation Channel Breakout:
After a brief consolidation in a descending channel, the price has broken out to the upside, signaling bullish continuation.
A decisive daily close above the channel confirms renewed buying interest.
3️⃣ Moving Averages:
50-day SMA (blue): Positioned at $217.48, rising and providing strong dynamic support.
200-day SMA (red): Positioned at $192.35, further underpinning the long-term bullish trend.
4️⃣ Momentum Indicators:
RSI: At 60.32, signaling strong upward momentum but still below overbought levels.
MACD: Positive crossover continues to support the bullish momentum.
What to Watch:
Sustained trading above the breakout level to confirm the continuation of the rally.
Potential resistance near $240-$250, the next significant zone to watch.
Pullbacks to the 50-day SMA or the ascending trendline could provide buying opportunities for trend followers.
Amazon's breakout from consolidation and its adherence to the ascending trendline suggest the stock is poised for further gains, supported by strong momentum and rising moving averages.
-MW
Amazon's price action showcases a breakout from a consolidation channel (green shaded area), confirming the resumption of its broader uptrend.
1️⃣ Rising Trendline Support (Blue):
The price continues to respect the ascending trendline originating from September 2024 lows.
This trendline acts as a dynamic support zone, reinforcing the bullish structure.
2️⃣ Consolidation Channel Breakout:
After a brief consolidation in a descending channel, the price has broken out to the upside, signaling bullish continuation.
A decisive daily close above the channel confirms renewed buying interest.
3️⃣ Moving Averages:
50-day SMA (blue): Positioned at $217.48, rising and providing strong dynamic support.
200-day SMA (red): Positioned at $192.35, further underpinning the long-term bullish trend.
4️⃣ Momentum Indicators:
RSI: At 60.32, signaling strong upward momentum but still below overbought levels.
MACD: Positive crossover continues to support the bullish momentum.
What to Watch:
Sustained trading above the breakout level to confirm the continuation of the rally.
Potential resistance near $240-$250, the next significant zone to watch.
Pullbacks to the 50-day SMA or the ascending trendline could provide buying opportunities for trend followers.
Amazon's breakout from consolidation and its adherence to the ascending trendline suggest the stock is poised for further gains, supported by strong momentum and rising moving averages.
-MW
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