Annual forecast for Amazon (2021)

PUBLISHED: May 29 2021 @ 10:45 | Comments (0) | More info about Azeez Mustapha

Amazon shares (NASDAQ:AMZN) are a bullish market in the near term. The market is also rising upwards after a serious bearish run that started early this month.

4 EMAs are used for this analysis and they are EMAs 10, 20, 50, and 200. The color that stands for each EMA is shown at the top left part of the chart.

All the EMAs are sloping upwards, plus the EMA 200, which reveals that the long-term trend is bullish. There may be pullbacks along the way, but price is expected to recover eventually and move further upwards. As long as price stays above the EMAs 50 and 200, the outlook on this market will remain bullish.

The bias on AMZN is bullish for this year, and the market can go upwards to test the distribution territories at 3400, 3500 and 3600 before the end of the year.

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