Amazon Stock Bounces Back From Thursday's 200-Point Tumble - Now Anticipating A Boost From The Forthcoming Prime Day Sales

• Amazon's stock recently recovered from a significant single day drop of over 200 points.
• Despite a turbulent period, Amazon's year-to-date performance remains impressive, with its stock up by 50%.

Amazon.com, Inc. AMZN has successfully recovered from a challenging start, with its stock initially dropping by over 200 points.

The stock price of Amazon experienced a remarkable decline on Thursday, opening much lower than the previous day's closing price.

The downward trend persisted throughout the day, as the stock lost over 300 points. This sudden plunge was likely driven by investors who were concerned about the high valuation of the stock.

Although there was a temporary dip, Amazon's stock price quickly rebounded. It found stable support just above the 20-day moving average of $127.20.

This indicator has consistently proven to be a reliable level of support since May of this year, serving as a solid base for the stock's continuous growth.

Although the rally is impressive, there may be signs of a potential slowdown with the looming presence of the crucial resistance level above the weekly 200 simple moving average.

It will be fascinating to see if the bullish investors can gather enough momentum to overcome this significant obstacle.

Amazon's performance this year has been impressive, with its stock up by 50%. Despite a recent setback, the company has shown resilience.

If the bullish trend continues and overcomes resistance, the potential for further gains is promising, painting a bright future for the e-commerce giant.

After a turbulent episode, there is a sense of cautious optimism surrounding Amazon's stock.

Investors and market spectators are eagerly anticipating Prime Day, as they hope the event's success will give Amazon the boost it needs to recover from its recent slump and continue its upward trajectory.

After the closing bell on Thursday, July 6, the stock closed at $128.36, trading down by 1.55%.