On December 5, 2024, Amazon shares reached a record high, marking a 45% gain year-to-date despite a broader market downturn.

The company reported record sales at the beginning of the holiday shopping season, with a significant portion of these sales driven by independent sellers.

In a move to strengthen its position in the AI sector, Amazon announced a new supercomputer powered by its Trainium chips, which will be utilized by AI startup Anthropic.

Technical analysis shows that Amazon shares broke out from an ascending triangle pattern last month and have since retested the breakout area, suggesting a continuation of the stock's upward trend.

The relative strength index (RSI) for Amazon is currently above 60, indicating bullish momentum while remaining below overbought levels.

Analysts predict an upside target of $250 for Amazon shares, based on the measuring principle that considers the distance between the ascending triangle's trendlines added to the breakout area.

Investors should keep an eye on key support levels for Amazon's stock, which include $200, $190, and $175, as potential buying opportunities may arise during pullbacks.