Technical setup for Amazon stock shows more upside: BofA By Investing.com

Investing.com – Amazon (NASDAQ: ), an online retailer, Based on the release from the large base built from 2021 to 2024, it is showing a positive technical setup that supports an increase in the 290s, the Bank of England reported. American technical strategies.

In addition to the divergence, a bullish flag was observed from December 2024 to January 2025, further supporting this positive technical setup. A pattern is a common indicator used by traders to predict future price movements.

Key support levels for Amazon stock are identified between 215 and 201 and 195. These support levels are reinforced by the 13-, 26- and 40-week moving averages (MAs) at 217, 199 and 194, respectively.

In the world of technical analysis, moving averages are used to smooth out price trends by filtering out the “noise” from short-term price fluctuations. The 13-, 26-, and 40-week MAs are frequently used indicators of long-term stock movement trends.

In Amazon’s case, these rising MAs signal the possibility of further upward movement in the stock price, supporting support levels and confirming a positive technical setup.

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