Asset Watch
Thursday, January 25, 2024
To keep an eye on how things unfold, you should monitor Amazon’s 50-day moving average, which is near $149. The key level acted as support throughout most of the recent rally, effectively ending the corrections in April, July, August and September 2023, as well as January 2024. It also acted as resistance in October 2023, following the September breakdown.
Likewise, the 50-day MA will continue to rise the longer Amazon stays above it, and you can think of it as increasing support that may help the stock record higher lows and maintain its uptrend.
So, will Amazon dazzle the doubters in the days ahead, or could an earnings surprise undermine its technical strength?