Amazon pierces positive pattern's ceiling - Analysis - 01-08-2022

Amazon's stock (AMZN) surged in the intraday levels after reporting sales forecasts for the third quarter, matching market expectations, with growth in cloud services boosting overall outcome, with the stock surging 10.36%, or 12.67 points, settling at 134.95, with trading volumes surpassing 148.8 million shares, above 10-day averages of 71.3 million shares.

The stock pierced the pivotal resistance of 129.00, representing the ceiling of a positive pattern that formed in the short term, the Double Top bottom, while trading above the 50-day SMA, with positive signals from the RSI.

Therefore we expect more gains for the stock, targeting the resistance of 170.80, provided it holds above 129.00.

Open Live Trading Account

Expected trend for today: Bullish