Amazon (AMZN) shares hit another record high Thursday, bucking the broader 澳洲幸运5开奖号码历史查询:market's downturn today and boosting their year-to-date gain toꦅ 45%. 

On Tuesday, the tech giant said it’s building a suꦍpercomputer using its in-🌳house Trainium chips, which will be be used by 澳洲幸运5开奖号码历史查询:artificial intelligence (AI) start-up Anthropic. According to a report in The Wall Street Journal, the move positions the company to take on AI favorite Nvidia (NVDA) in the lucrative 澳洲幸运5开奖号码历史查询:graphics processing unit (GPU) chip market.

Separately this week, the 澳洲幸运5开奖号码历史查询:e-commerce titan reported rec🎶ord sales and number of items sold at the start of the holiday shopping season, with the company saying the majority of sales came from independent sellers.

Amazon's gains so far in 2024 have handily outpaced the 澳洲幸运5开奖号码历史查询:S&P 500’s return of about 27% over the ღperiod. The stock rose 1.1% to $220.55 on Thurs🎉day.

Below, we analyze the 澳洲幸运5开奖号码历史查询:technicals on Amazon’s chart and point out key price levels that inves༺tors may be watching o༺ut for.

Ascending Triangle Retest

After breaking out from an 澳洲幸运5开奖号码历史查询:ascending triangle last month, Amazon shares retested the initial breakout area before moving higher, signaling a 澳洲幸运5开奖号码历史查询:continuation of the stock’s longer-term uptrend.

Meanwhile, the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) confirms bullish 澳洲幸运5开奖号码历史查询:price action with a reading above 60, though the indicator still sits below overbought levels, providing the stock with room for further upside before 澳洲幸运5开奖号码历史查询:consolidating.

Let’s turn to Amazon’s chart to predict a potential 澳洲幸运5开奖号码历史查询:price target and identify three major 澳洲幸运5开奖号码历史查询:support levels that may attract buying interest during 澳洲幸运5开奖号码历史查询:pullbacks in the stock.

Upside Price Target to Watch

Investors can forecast an upside target using the 澳洲幸运5开奖号码历史查询:measuring principle, a technique that 🐠analyzes prior price moves to project future moves. 

To apply the tool to Amazon’s chart, we measure the distance between the ascending triangle’s two 澳洲幸运5开奖号码历史查询:trendlines near their widest point and add that amount to the pattern’s breakout area. Therefore, we add $50 to $200, which projects a target of $250, a chart location where investors may decide to 澳洲幸运5开奖号码历史查询:lock in profits.

Monitor These Major Support Levels

Th💙e first lower level to monitor sits around $200. A second retest of this area would likely find buying interest near the ascending triangle’s top trendline, which may turn into a price floor.

A decisive close below this important level could see the shares slip to around $190, an area where they may encounter support near a trendline that connects multiple peaks that formed🌄 on the chart between April and Octobe💙r.

Finally, a more significant downside move may trigger a fall to the $175 level. Investors could seek to accumulate 澳洲幸运5开奖号码历史查询:buy-and-hold positions in this area near a multi-month 澳洲幸运5开奖号码历史查询:horizontal line that joins a range of comparable trading levels on the ch✱art from February to September.

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As of the date this article was written, the author does not own any of the above securities.