After falling almost 57% last year, Amazon has shown great signs of recovery. Now trading at around $125.45 a share with potential for further upside.

Amazon is trading at around $125.45 a share. After falling almost 57% last year, it has shown great signs of recovery. Very similar to that of Alphabet. Again, the base is highlighted along the white trendline as also shown with Alphabet in our previous post. In this case, the base sits at $81.43 and only a dip below $97.55 could suggest further downside. As the bias remains bullish, looking towards the upside, minor resistance sits at $126.38 and then at $128.97. A break above $128.97 could see the price rise higher towards $137.78, and then even test the major resistance at $146.56 (upper dotted trendline). Although, this is more likely in the longer term. Similar to Alphabet, both the MACD and RSI are positive with the RSI reading 68.