AMAZON confirmed a high upward target

For those interested in making deals in the financial markets using technical analysis with its simple and powerful tools, I present to you now this stock, which is Amazon stock.

Technical analysis of Amazon stock.

Moving Averages intersection:

As can be seen in the drawing attached below, a positive sign or indication of the continuation of the rise so far appears, which is the positive intersection between the moving average 14 and the moving average 50, which gives the impression of the continuation of the stock’s rise in the medium term.

AMAZON weekly chart.

Inverted Head and Shoulders Pattern.

It is also clear from the drawing attached above that Amazon stock has formed a famous technical pattern, which is the inverted head and shoulders pattern. The stock confirmed the pattern by penetrating the level of the confirmation line, which is the neckline, by penetrating the $145.53 level.

As we know the inverted head and shoulders pattern has an upward target after breaching the pattern’s confirmation line (the neckline), and the pattern shown above shows us that the upward target for Amazon stock is in the range of $211.61.

The level of $145.53 has now become an important support level, and the decline to it in the future is called a “Throwback” process, it will be a normal technical decline to retest the neckline penetration level of an inverted head and shoulders pattern.

There is no doubt that in the upward direction to reach the upward target mentioned above, the stock will face resistance levels that are shown on the drawing too, and the resistance levels begin with the first resistance level, which is a horizontal level in the range of $158.87, which is the first resistance level, then the $171.80 level, which is the second resistance level, then the $187.97 level, which is The third resistance level.

As for the support levels, they have also been clarified on the drawing, and the support levels begin with the neckline penetration level mentioned above, which is the $145.53 level as the first support level, the second support level is around $133.88, then the third support level and stop loss, which is the $118.35 level.