, Inc. (AMZN‚Äč) shares moved back above the $1,000.00 mark in after-hours trading on Wednesday. After briefly hitting all-time highs of $1,083.31 in July, the stock moved sharply lower over the following month after second quarter financial results failed to meet high expectations. Some investors have also become concerned over the company's high capital expenditures following its acquisition of Whole Foods and its plans to build a new campus.

Despite concerns about Amazon, the internet giant has consistently beat analyst consensus forecasts for revenue growth, and the company continues to build momentum among consumers. A recent analyst report estimated that nearly half of U.S. homes were Amazon Prime subscribers, while Amazon Web Services has become the largest cloud computing service in the world, beating out competitors at Microsoft Corporation (MSFT) and International Business Machines Corporation (IBM). (See also: Amazon Will Be Top Retailer, Tech Co. by 2025: MKM.)

Technical chart showing the performance of, Inc. (AMZN) stock

From a technical perspective, the stock broke out from its 50-day moving average at $987.52 to its highest levels in about a month toward R1 resistance levels at $1,012.56. The relative strength index (RSI) is relatively neutral at 59.64, while the moving average convergence divergence (MACD) remains in a bullish uptrend dating back to late August. Traders should maintain a bullish bias on the stock over the intermediate term given these dynamics.

Traders should watch for a breakout from R1 resistance at $1,012.56 toward R2 resistance at $1,044.51 or for the stock to retest all-time highs of $1.083.31 over the coming sessions. With the MACD in a bullish upswing, the stock has seen considerable momentum building since the beginning of the month, and the RSI remains below overbought levels of 70.0. However, traders could see some consolidation before the stock retests its all-time highs. (For more, see: Amazon Seeks 'Business Friendly' City for HQ2.)

Chart courtesy of The author holds no position in the stock(s) mentioned except through passively managed index funds.

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