AMZN stock price may rebound as it approaches the $124 support zone and the Amazon stock may surge towards the $145 mark. Amazon stock price is slipping from $133.65. However, analysts believe that AMZN shares may revert back leaving the declining streak. Buyers may accumulate during Monday’s trading session to push the stock price upwards.
Amazon (NASDAQ: AMZN) shares have been consolidating inside a horizontal range-bound area over the daily time frame chart. AMZN tried to break out of the horizontal range on October 12, but failed to sustain at the upper threshold. Buyers may come forward for the rescue of Amazon stock as it approaches the $124 support or the lower trendline of the consolidation phase. AMZN shares have been consolidating inside the horizontal range of $124.00 and $133.65
AMZN stock price was at $125.17 and lost 2.52% of its market capitalization during Friday’s trading session. Trading volume was above average, highlighting the accumulation rate of sellers during the intraday trading session. Buyers may come forward during Monday’s trading session according to the analysts.
Will AMZN Stock Price Bounce Back From the Trendline?
Amazon stock price has been consolidating inside a horizontal range-bound area since September 2023. AMZN share price is moving towards the lower trendline of the consolidation phase and may rebound from there to reverse the trend. However, volume change is above average and under the sellers’ control. Buyers may accumulate during Monday’s trading session to push AMZN shares upwards.
AMZN stock price declined by 5.87% in a week and 9.66% in a month. However, Amazon stock price slumped 4.70% in the last three months while gaining 17.97% in the last six months. In addition, Amazon share price surged 46.47% year to date.
Technical indicators highlight the downtrend in the Amazon stock chart. Relative strength index (RSI) highlights the decline of AMZN shares. RSI was at 39 and is heading towards the oversold zone. Investors in Amazon.com, Inc. (NASDAQ: AMZN) need to wait for any directional change over the daily time frame chart.
Summary
AMZN stock price may rebound as it approaches the $124 support zone and the Amazon stock may surge towards the $145 mark. AMZN tried to break out of the horizontal range on October 12 but failed to sustain at the upper threshold. AMZN share price is moving towards the lower trendline of the consolidation phase and may rebound from there to shift the trend. In addition, Amazon share price surged 46.47% year to date. Technical indicators signal a downtrend in the AMZN chart.
Technical Levels
Support Levels: $124.75 and $124.00
Resistance Levels: $130.65 and $133.65
