Amazon’s share price continues to go from strength to strength, as the bullish fundamentals surrounding the company attracts significant buying interest.
Amazon stock technical analysis shows that further gains towards the 2,700 level still remains possible.
Amazon US medium-term price trend
Amazon’s share price continues to consolidate around its all-time price high, due to the bullish fundamentals surrounding the company.
Amazon stock analysis on the daily time frame is showing that a bullish breakout from an ascending triangle pattern has taken place.
Looking more closely at the pattern, the bullish breakout remains valid while the price trades above the 2,030 level.
The overall size of the pattern indicates that Amazon’s share price could eventually rally towards the 2,700 level.
Due to the positive fundamentals and technicals surrounding Amazon, it is entirely possible that the share price could move a new all-time high.
Amazon short-term price trend
Amazon stock technical analysis shows that the short-term trend remains bullish while the price trades above the 2,020 support level.
The one-hour time frame currently shows that price is trapped within a broadening wedge pattern.
Broadening wedge patterns often indicate periods of price consolidation, followed by explosive technical breakouts.
According to the size of the pattern, a directional move of around 300 points may take place once a breakout from the wedge takes place.
The broadening wedge pattern is currently located between the 2,200 to 2,480 price range.
Amazon US technical summary
Amazon stock technical analysis indicates that the online giant’s share price could rally towards the 2,700 to 2,800 resistance area. The price is currently trapped within a broadening wedge pattern.