$AMZN Breaks Out of Falling Wedge Pattern Amid AWS Growth

Amazon's stock price has been consolidating over the past few weeks in a falling wedge pattern above $255. The consolidation ended when sellers tried to push the price below $254, but were met with high buying volume that absorbed the dump.

The key support zone for Amazon lies between $253.50 and $255.00. This level had previously acted as heavy resistance last month, but flipping it into a firm floor gave buyers full control.

A clean 4-hour candle close above the descending trendline on above-average volume signaled that the correction was over and indicated that Amazon's stock price would continue to rise.