Amazon (AMZN) shares will remain in focus after the e-commerce and logistics behemoth crossed the 澳洲幸运5开奖号码历史查询:$2 trillion market capitalization mark on Wednesday, making it the fifth U.S. company to achieve the milestone. Amazon joins an exclusive group of other big tech giants including Alphabet (GOOGL), Apple (AAPL), Microsoft (MSFT), and 澳洲幸运5开奖号码历史查询:artificial intelligence (AI) darling Nvidia (NVDA).

Below, we take a closer look at Amazon’s chart and use 澳洲幸运5开奖号码历史查询:technical analysis to point out important levels to watch out for after the stock’s move to♉ a new record close.

Breakout From Rectangle Pattern

Since carving out a chart formation that closely resembles an 澳洲幸运5开奖号码历史查询:inverse head and shoulders pattern between June 2022 and October 2023, Amazon shares have continued to trend mostly higher. Moreover, the 50-week 澳洲幸运5开奖号码历史查询:moving average (MA) crossed up above the 200-week MA in late March to create a bullish 澳洲幸运5开奖号码历史查询:golden cross, a pattern t🔯hat often signals the start of a new uptrend.

In addition, the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) sits just below the overbought 70 threshold🐭, indicating 💫upward momentum.

More recently, the e-commerce giant’s price has broken out above a rectangle pattern to a new 澳洲幸运5开奖号码历史查询:all-time high (ATH), suggesting a continuation of the longer-term uptrend. However, investors should monitor for an increase in 澳洲幸运5开奖号码历史查询:trading volume in upcoming trading sessions to confirm the b🐻reakout.

Monitor T🥀hese 🔜Levels Following Move to Record High

Given the stock has entered blue sky territory with no prior chart action to reference, investors can use the 澳洲幸运5开奖号码历史查询:measuring principle to forecast a 澳洲幸运5开奖号码历史查询:price target for gauging where the shares may✱ be headed next if they continue th🐲eir move higher. 

To do this, we calculate the stock's most recent leg higher in points and add that amount to the rectangle’s breakout point. For instance, we add $72 to $188, giving us a price target of $260. This provides a general area on the chart where investors may decide to book profits, especially if other 澳洲幸运5开奖号码历史查询:indicators are showing overbougღht conditions at the same time.

It's also worth pointing out that the $188 breakout level will remain a significant technical area during future retracements as it has likely flipped from a major region of 澳洲幸运5开奖号码历史查询:resistance over the past three years into a new area of support.

Amazon shar🐼es gained 3.9% oꦬn Wednesday to close at $193.61.

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