Amazon shares are now only around 3.7% away from all-time highs, trading in a similar pattern to that of the Nasdaq 100 index. The company’s shares are trading at around $194.41 a share in the pre-market and are up 1% so far on the day. This comes after falling around 23% peak to trough between July and August, it seems like the stock has digested the previous worries of a possible recession and the yen carry trade. Nevertheless, more volatility should not be totally ruled out as the earnings are approaching and we are now only 5 weeks away from the US elections. But, any volatility now may be at a small scale compared to the summer months. The primary resistance in the spotlight has returned to the ATH of $201.14. A break above here would also face the technical resistance along the upper trendline of the channel drawn on the chart. The trendline resistance reads around $213-$214 and could be tested on the assumption that this rally is to carry on at the current incline angle. Towards the downside, the price level of $190 should offer some support in the near term. A move below here could shift the attention towards the area of $173-$180 as this was the consolidation area back in April-May before the stock moved higher. Based on the technical indicators, we can see that liquidity has certainly flowed in since the start of the month as the MACD has curled higher, practically touching its signal line. A cross above the signal line over the next couple of weeks would strengthen the case for a possible extension higher, this is speculated on the basis of momentum. Additionally, the RSI is back to bullish positioning as it has a reading of 60.