AMZN - Amazon: Hold For A Clear Breakout Above The Resistance Zone

2024-06-30 09:18:01 ET

Summary

• This article is follow-up coverage since my previous bullish coverage.
• Amazon has gained 14.30% since February 6, outperforming the S&P 500 by 4%.
• Strong financial performance attributed to AWS, but declining marginal impact amid competition raises concerns.
• Technical analysis suggests a potential entry point at $200, with a bullish long-term outlook and a price target of $285.16.

Investment Thesis

Since my previous bullish article dated February 6th, 2024, Amazon.com, Inc.( AMZN ) has gained 14.30%, outperforming the S&P 500 by a margin of about 4%. In my previous coverage, I had discussed the technical view of the stock, where my points of interest were the support and resistance zones. Currently, the stock is in the resistance zone where it appears to be consolidating a point at which a hold decision is justified as we wait for a clear breakout or a trend reversal....

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