Amazon Is Ascending 22% This Year - Is It Poised To Shatter Historical Highs And Form Another Meteoric Rise?

Author: Zaheer Anwari | April 18, 2024 12:40pm

• Amazon shares reached a new high on April 11th, briefly surpassing the previous all-time peak.
• Amazon's stock could potentially reach the $200 mark if it breaks past its recent high.

Since its 2002 launch, Amazon Web Services (AWS) has seen nothing but growth, now nearly reaching a $100 billion annualized revenue run rate after a 13% increase in fourth-quarter AWS revenue year-over-year.

Anticipation is building for Amazon.com Inc's (NASDAQ:AMZN) first-quarter earnings, with predictions set at 83 cents a share on $142.6 billion in revenue. This projected 11.6% sales growth reflects Amazon's relentless pursuit of innovation and expansion.

The expected boost in cash flow looks set to empower Amazon's growth strategy well into 2024, possibly expanding AWS further and diving into new business opportunities.

On the 11th of April, Amazon shares briefly soared, exceeding the all-time high of $188 created in July 2021. This peak, untouched for almost three years, had been a significant hurdle for the stock.

However, the ascent was short as the stock retreated by 4% shortly after. Amazon's stock has a notable pattern of bouncing back and is often supported by the daily 20 simple moving average.

The coming weeks will determine the strength of Amazon's stock. A clear breakthrough above its previous all-time high could pave the way for the stock to aim for the psychological $200 level, potentially initiating a new phase of bullish momentum. Amazon has moved up 22% so far for 2024.

After the closing bell on Wednesday, April 17, the stock closed at $181.28, trading down by 1.08%.

This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Posted In: AMZN