The Amazon Phenomenon - Unwrapping The Journey Towards A 40% Rise in Stock Value This Year

• With strong support, Amazon's stock, up 34% this year, could achieve a rise of over 40% in the near future.

Amazon.com, Inc. AMZN stock market journey from 2001 to 2021 was a remarkable story of growth and evolution.

Going from a modest $0.27 per share, Amazon's stock skyrocketed to an incredible all-time high of $188, representing an unparalleled growth of close to 70,000% during that period.

Amazon's impressive resilience during the COVID-19 pandemic reflects its robust business model and intelligent strategic choices.

Despite a 19% decline in the S&P 500 at the height of the pandemic, Amazon's stock soared by an impressive 23%.

This achievement is evidence of Amazon's exceptional growth potential and unwavering success in tumultuous times.

In July 2021, Amazon faced a new challenge when its stock price approached the psychologically significant $200 round number.

Despite its unstoppable momentum, a downtrend began, leading to a breakdown through the $100 level by October 2022. The stock eventually found support just above $80.

Despite an initial setback, the stock climbed above $100 in January 2023, thanks to strong support.

In February, the buyers and sellers briefly battled, causing a dip back below the $100 level.

However, the buyers proved resilient and regained control, pushing the stock back above $100 in March 2023. Since then, Amazon's stock has been on a consistent upward trend.

Upon close observation, the latest trend shows a clear pattern of consistently higher highs and higher lows.

Notably, the stock has exceeded its previous high of $114 on February 2nd, maintaining this level as solid support.

So long as this strong support holds, we can expect a steady and significant upward rally.

Amazon's stock has already risen by a notable 34% this year, but it still has a ways to go to reach its all-time high.

However, if the current pace continues, the rise could total 40%+ in the upcoming weeks or months.

After the closing bell on Tuesday, May 23, the stock closed at $114.99, trading down by 0.02%.