AMZN Gains Ground, Resistance Ahead at $240

Trend_Radar
12-24 19:48

$Amazon.com(AMZN)$

AMZN Surged +1.62%: Momentum Builds Above $232, Eyeing Higher Ground

Latest Close Data

Closed at $232.14 on Dec 24, up +1.62% from prior close. Trading near the day's high of $232.44, currently ~10.2% below its 52-week high of $258.60.

Core Market Drivers

  • Solid day for mega-cap tech with positive broader market sentiment.

  • Recent capital flow data shows strong net inflows over the past week, indicating institutional accumulation.

  • No major company-specific news, with price action driven by technical momentum and sector rotation.

Technical Analysis

  • Volume: 29.23M shares traded, below average (Volume Ratio: 0.58), suggesting the move was not fueled by panic or euphoria.

  • MACD: Bullish signal confirmed. DIF (-0.88) has crossed above DEA (-1.22), generating a positive MACD histogram (+0.69), indicating strengthening upward momentum.

  • RSI: The 6-day RSI at 68.28 is approaching overbought territory (>70), signaling potential for a short-term pullback or consolidation.

Key Price Levels

  • Immediate Pivot: $232.21 (Previous resistance, now acting as support).

  • Primary Support: $222.91.

  • Strong Resistance: $240.00 (Psychological level, followed by the 52-week high).

Valuation Perspective

Forward P/E stands at 31.99x, which is above its historical average but reflects its premium as a dominant growth and cloud leader.

Analyst Targets

Overwhelmingly bullish sentiment. 72 analysts have an average price target of $291.27 (+25.5% upside). 68 recommend Buy/Strong Buy vs. only 3 Holds.

Weekly Outlook

Expect consolidation near the $232 pivot with a bullish bias. A sustained break above $235 could target $240-$245. Failure to hold $230 may lead to a retest of $225 support.

Risk Disclaimer

This analysis is for informational purposes only and not financial advice. Past performance is not indicative of future results. Investing involves risk, including potential loss of principal.

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