Amazon stock analysis 13.11.2020

The stock of Amazon (AMAZON) jumped higher in the last sessions, so that the stock succeeded with this rise in regaining its trades along a major rising trend line in the medium term, as shown in the attached chart, despite the neutral signals coming from the RSI indicators, after reaching extremely saturated areas. Through previous selling operations, the stock achieved sharp gains of 6.32%, equivalent to 192.75 points, to settle at a price of $ 3,241.16, and with this rise, the stock also succeeded in getting rid of the negative pressure of the simple moving average for the previous 50 days, to open the door for it to achieve more gains.

Therefore, our expectations indicate a further rise for the stock during its upcoming trading, as long as it stabilized above 3,082.53, targeting the pivotal resistance 3,545.11.

The expected direction for the stock's upcoming trades: To the upside.