Amazon stock forms bullish crossover

Posted on July 9, 2024 by darion

Baystreet.ca – Amazon stock forms bullish crossover<br />

Amazon (NASDAQ:AMZN) is the latest stock to hit $2 trillion in market cap and has been gaining traction lately. The stock is up 11% over the past three months and closed Friday at $200, up more than 31% year to date.

The e-commerce stock’s momentum could continue, as it recently made a bullish crossover. The stock’s 20-day moving average crossed above its 50-day moving average last month. For technical analysts, that’s a positive sign that the stock is gaining momentum and that its rally could continue.

The company’s annual Prime Day event also takes place later this month, and if it turns out to be a good day for Amazon, it could help the stock accelerate even further. With bargain hunters looking for ways to stretch their budgets, the event could be a busy event for shoppers and help the company boost revenue in the current quarter. And with Amazon planning to launch a new store that will feature low-priced products to better compete with Temu and other low-cost Chinese online retailers, that could further boost the e-commerce giant’s profits in future quarters.

With the analyst consensus price target at just under $216, Wall Street still sees around 8% upside for the stock, and that’s just in the short term. For long-term investors, there could be more upside to come as the company remains a leading name in e-commerce, and if it finds ways to attract more customers shopping at discounted prices, that could be just what the stock needs to go even higher.