Amazon stock creates all-time high; indicators endorse bullish bias.
Amazon stock price recorded another all-time high of 1613.91 yesterday but ended the day in the red. Prices broke above the 1525 barrier over the previous sessions and are currently trying to post some gains. The bullish picture in the medium-term is further supported by the technical indicators.
Short-term momentum indicators are also pointing to a continuation of the bullish bias. The MACD oscillator jumped above its trigger line with strong momentum while the RSI indicator is holding in the overbought zone and is sloping to the upside. As a side note, the price rose above the upper Bollinger band but failed to close a day above it.
In case of further bullish bias, the next critical level to watch is the psychological barrier around 2000, while the price seems to be ready for an aggressive bullish roller coaster.
Should prices reverse lower, immediate support could come at 1525. A drop below this area could take the price towards the 1450 handle, which stands near the 40-day simple moving average in the daily chart.
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