Amazon (AMZN) shares have hit record highs recently, boosted by optimism about growth in the company’s cloud business.
The company reported better-than-expected quarterly results last week. Investors were particularly impressed with the Amazon Web Services (AWS) business, which grew revenue at its fastest pace in seven quarters and continues to invest significantly in artificial intelligence (AI) amid surging demand.
Amazon shares fell slightly on Friday, after closing at an all-time high the previous session. The stock, which is trading at around $208, closed the week with a 5.2% gain, outpacing the S&P 500’s 4.7% increase.
Below, we break down Amazon’s chart and use technical analysis to identify important price levels worth watching out for.
Since their July peak, Amazon shares traded within a four-month symmetrical trianglebefore breaking out above the pattern in late October. In a win for the bulls, buying momentum has carried into early November, with gains accelerating this week on …