Last month, Amazon (NASDAQ: AMZN), the e-commerce and cloud computing titan, scaled the heights of a 52-week high, boosted by a substantial assist from bullish endorsements by Morgan Stanley analysts.
Although the stock encountered a notable pullback since then, AMZN’s performance in 2023 continues to stand tall, largely fueled by the flourishing artificial intelligence (AI) ecosystem.
To gauge whether Amazon can sustain its momentum through the remainder of the year, Finbold has undertaken a quantitative analysis on October 13 to delve deeper into the firm’s stock market trajectory.
Based on the projections made by CoinCodex’s AI algorithms, shares of Amazon are expected to trade at $127.61 on December 31, 2023, implying a slight drop of around 3.7% from its current market price.
In the near term, the algorithms projected AMZN to advance to $136.80 a month from now, while their 1-year price forecast sees the company’s stock price surging to a whopping $200 per share.
AMZN technical analysis
At press time, shares of Amazon were trading at $132.43, nearly unchanged at the October 13 market open.
At the current price, the stock is positioned above a strong support zone formed around the 100-day simple moving average (SMA), which is located at $130.94. Dipping below this threshold would pave the way for further declines, with the next support level sitting between $123 and $124.
On the upside, AMZN is facing resistance at $136.6, indicating an area where selling pressure may grow in case of an upward move.
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