Amazon was one of the biggest beneficiaries of the Corona crisis and the stock has risen very sharply within the last 12 months. But the record-breaking run has recently come to an abrupt end. The stock is now trading a good eleven percent below its all-time high of July 13, 2021.
The reason for this is a disappointing outlook from Amazon for the current quarter as well as some lowered price targets from analysts. This has recently weighed heavily on the shares of the world’s largest online retailer.
Amazon could be forming a bottom in the chart. Support is provided by the 200-day line, which runs at just under $3,270. If the stock falls below the 200-day line, it could go down further.
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