After completing the 20-for-1 stock split on 6 June and finding a potential bottom, bullish Amazon stock price predictions now have a foundation. This manifests in the recent gains seen on the stock following the price downgrade to reflect the split. The stock sold at $125 per share at market close on Monday, 6 June.
Following the split, the price fell to retest the recent support level that formed the 12 May/24 May double bottom at 102.47. Since this retest on 17 June, the stock has witnessed a 3-day move to the north, reigniting bullish Amazon stock price predictions.
What is triggering the recent uptick? First, the company has had an uptake of new business, with one of these coming from Avnet partners who are partnering with the Amazon Web Services (AWS) division to deliver machine learning, analytics and other services as part of the IoTConnect platform. The other is the online storefronts from Worksport on the company’s e-commerce platform. Worksport intends to sell its solar and hydrogen-based technologies on Amazon, eBay and Walmart marketplaces.
Here is a peek into the Amazon stock price prediction for the rest of June.
The violation of the 109.33 resistance by the active daily candle requires a time/price filter confirmation. Confirming this breakout sends the pair toward the 115.78 resistance (17 May high and the neckline of prior double bottom). A further push to the north targets 125.70 (4 May and 2 June 2022 highs). Finally, the 135.88 resistance comes into the mix (24 January and 27 April lows) on a further advance, a move that covers the gap of 29 April.
On the other hand, failure to break the 109.33 resistance could lead to a pullback move, which could retest the 103.47 support. A breakdown of this price mark brings 91.52 (24 January 2020 and 25 March 2020 lows) into the picture as an additional downside target. The 7 October 2019/29 October 2019 lows at 85.14 may also become a potential harvest point for bears wishing to benefit from the breakdown of 102.47.
This post was last modified on Jun 22, 2022, 16:30 BST 16:30