$Amazon.com(AMZN)$ Analysts at JPMorgan Chase believe in continued growth in the technology sector in 2024, with a particular focus on Amazon.com Inc.'s stock. The company is showing impressive growth rates in both revenue and net income. Compared to its P/S multiple (capitalisation to revenue ratio), Amazon.com Inc. trades lower than the technology sector, at 2.84 versus 5.38. According to this ratio, the fair value of the issuer's securities could reach 206.49 USD.
Therefore, today, we direct our attention to the stock chart of Amazon.com Inc. (AMZN).
On the D1 timeframe, a support level has formed at 145.52, and resistance has formed at 154.85. Within the current uptrend, the quotes strive to consolidate above the 149.46 mark, which previously served as resistance. A breakout of 154.85 is highly likely in the future.
On the H1 timeframe, long positions may be of interest once the level of 154.85 is breached, with a short-term target of 163.75. In the medium term, it is possible to hold a long position up to 186.67.
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