Amazon Stock Traded at Record Highs This Week—Watch These Levels

Core Insights - Amazon shares have reached record highs, driven by optimism regarding growth in the cloud business, particularly Amazon Web Services (AWS) [2][3] - The stock has broken out from a symmetrical triangle pattern, indicating a continuation of its long-term uptrend [4][6] - A bullish price target of approximately $250 has been projected, representing a potential increase of about 20% from recent closing prices [6] Financial Performance - Amazon reported better-than-expected quarterly results, with AWS experiencing its fastest revenue growth in seven quarters [2] - The stock closed at around $208, marking a weekly gain of 5.2%, outperforming the S&P 500's increase of 4.7% [3] Technical Analysis - The breakout from the symmetrical triangle occurred in late October, with buying momentum continuing into early November on above-average volume [4] - The relative strength index (RSI) is nearing 70, indicating strong price momentum but also suggesting potential short-term dips as investors may lock in profits [5] Price Targets and Support Levels - A chart-based bullish price target of around $250 has been established, based on historical trends from October last year to July this year [6] - Key support levels to monitor include $200, which is expected to attract buying interest, and $188, where investors may look for entry points during deeper pullbacks [8]