(function() { var didInit = false; function initMunchkin() { if(didInit === false) { didInit = true; Munchkin.init('105-GAR-921'); } } var s = document.createElement('script'); s.type = 'text/javascript'; s.defer = true; s.src = '//munchkin.marketo.net/munchkin.js'; s.onreadystatechange = function() { if (this.readyState == 'complete' || this.readyState == 'loaded') { initMunchkin(); } }; s.onload = initMunchkin; document.getElementsByTagName('head')[0].appendChild(s); })();(function(h,o,t,j,a,r){ h.hj=h.hj||function(){(h.hj.q=h.hj.q||[]).push(arguments)}; h._hjSettings={hjid:1422437,hjsv:6}; a=o.getElementsByTagName('head')[0]; r=o.createElement('script');r.defer=1; r.src=t+h._hjSettings.hjid+j+h._hjSettings.hjsv; a.appendChild(r); })(window,document,'https://static.hotjar.com/c/hotjar-','.js?sv=');

Amazon Stock Price Eyes Major Upside Break – Here’s Why

Article background

Aayush Jindal

Key Highlights

  • Amazon’s stock price climbed higher above the $145.00 resistance.
  • A major bullish trend line is forming with support at $145.60 on the daily chart.
  • Amazon’s net sales increased 13% to $143.1 billion in Q3 2023, compared with $127.1 billion in Q3 2022.
  • Operating income increased to $11.2 billion in Q3 2023.

Amazon Stock Price Analysis

After a strong buying interest near $120.00, Amazon stock price (NASDAQ: AMZN) started a major increase. It broke many hurdles to start a strong rally above $140 and might aim for more upsides.

The company’s net sales increased 13% to $143.1 billion in Q3 2023 (YoY) and operating income increased to $11.2 billion (YoY). Besides, Net income increased to $9.9 billion in Q3 2023 (YoY).

Looking at the daily chart, the price gained bullish momentum above the $145.00 resistance zone. The price cleared the 50% Fib retracement level of the downward move from the $155.60 swing high to the $144.01 low.

The price might continue to rise and revisit the $155.00 resistance if it clears the 76.4% Fib retracement level of the downward move from the $155.60 swing high to the $144.01 low.

A clear move above the $155.00 resistance zone could send the price toward the $175.00 barrier. If the bulls struggle near $155.00, Amazon’s stock price might start a downside correction. The first major support sits near the $146.00 level.

There is also a major bullish trend line forming with support at $145.60 on the same chart. The next key support is at $144.00 below which there could be a steady decline toward the $136.50 level.

Economic Releases

  • US Consumer Price Index for Dec 2023 (MoM) – Forecast +0.2%, versus +0.1% previous.
  • US Consumer Price Index for Dec 2023 (YoY) – Forecast +3.2%, versus +3.1% previous.
  • US Consumer Price Index Ex Food & Energy for Dec 2023 (YoY) – Forecast +3.8%, versus +4.0% previous.
Great