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Asset Watch
Thursday, November 23, 2023
The horizontal grey line shows how Amazon confronts weekly resistance near $144. The level coincides with the September 2020 and March 2021 lows, as well as the August 2022, July 2023 and August 2023 highs. But if Amazon can surpass the hurdle after two failed attempts this year, the bulls will have plenty of reasons for optimism.
Amazon’s 10-week moving average also provided support throughout most of the rally off the March 2023 lows, and the stock remained well-behaved until a breakdown occurred in September. So as long as the level holds, the outlook remains constructive.
Are you a Black Friday bull, or is the good news already priced in?
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