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It has been yet another bumper year for Amazon stock, with the price up 30% since 1 January, compared to 14% for the Nasdaq and 8% for the Dow Jones. There seems little to stop further gains, and from a technical and seasonality standpoint, the outlook remains encouraging.
The all-time high in Amazon shares occurred on 6 June, and since then they have fallen back. However, the bulls defended the $945.46 level, which was support throughout June. It makes sense to expect further gains, although a deeper retracement to the longer-term trendline, which has held since February 2016, could provide a more attractive entry point. This would suggest a move back down towards $930.
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