- Amazon’s stock has increased by 34% this year, and it might rise 40% or more in the near future with strong support.
Amazon.com, Inc. AMZN has seen impressive growth and evolution in the stock market over the past two decades. Starting from a modest $0.27 per share, the stock skyrocketed to an incredible all-time high of $188 – a growth of close to 70,000%.
The COVID-19 pandemic tested many businesses, but Amazon demonstrated its exceptional growth potential and success with a 23% increase in its stock price, despite the 19% decline in the S&P 500 index. Since then, Amazon has seen steadily consistent growth.
In early 2023, Amazon’s stock faced some challenges when it approached the psychologically significant $200 milestone. Despite a temporary setback that saw it fall back to $80, the stock rebounded with the help of strong support and has been on a consistent upward trend ever since.
In fact, it has already risen by 34% this year, and it could continue to rise by 40% or more in the upcoming weeks or months based on its consistent pattern of achieving higher highs and higher lows.
As of May 23rd, Amazon’s stock closed at $114.99 after trading down by 0.02%.
