Amazon stock analysis 06.11.2020

The stock of Amazon (AMAZON) jumped higher in its last session, so that the stock succeeded with this rise in regaining its trades along a major rising trend line in the medium term, as shown in the attached chart, amid the positive signs in the relative strength indicators, after reaching very oversold areas, The stock achieved sharp gains of 6.32%, equivalent to 192.75 points, to settle at $ 3,241.16, and with this rise, the stock also succeeded in getting rid of the negative pressure of the simple moving average for the previous 50 days, to open the door for it to achieve more gains.

Therefore, our expectations indicate a further rise for the stock during its upcoming trading, as long as it stabilized above 3,082.53, targeting the pivotal resistance 3,545.11.

The expected direction for the stock's upcoming trades: To the upside