Shares of Amazon have now reached the resistance of $146.56. The last time this point was reached, it underwent the 2-month correction

Amazon shares are now trading at around $146.74 a share. From a technical standpoint, based on the weekly timeframe, the price has now approached a key resistance level of $146.56. A close above this level would suggest the bullish trend is likely to resume, with the following resistance at $158.63. However, as this is a tough resistance point which led to the previous retracement, another small pullback might occur before a push higher. As a result, the support sits at $141.51 and then at $139.53. A break and close below $139.53 could perhaps then see a move towards $136.22. Amazon released strong earnings for quarter three, highlighting its dominance within both its industry and market. The tech giant announced earlier in the week that from 2024 it will allow the sale of cars via its platform, with Hyundai being the first contract. This may not necessarily be a huge revenue stream at the beginning, but it certainly improves its diversification and should become valuable over time when other car brands want to sit alongside Hyundai. The company is also close to acquiring robot vacuum maker iRobot. This would see Amazon adding to its portfolio of smart devices, which so far include Alexa, smart thermostats, security devices and wall-mounted displays. Back to the chart, the technical indicators are both positive once again. The MACD line has just crossed above its signal line and the RSI reads 66.