Amazon Stock Bounces Off Key Support Level

Amazon's stock price has dropped to support from its 50-day Simple Moving Average (SMA), which is acting as dynamic support. The SMA, at $247.75, is a crucial level for the stock's recovery. As long as this support remains intact, our outlook remains bullish.

The primary short-term uptrend continues to be in control, with price action following an ascending trendline that supports the prevailing bullish bias.

Today's forecast predicts a bullish outcome, with the stock expected to target its first resistance level at $267.55 if support holds.