amazon shares experience significant drop after reaching record high

Amazon.com shares have experienced a significant decline, dropping 4.2% to close at USD 202.61 at the end of the week. This comes after the stock reached an all-time high of USD 215.90 just a day prior.

Volatility in Stock Price

The recent volatility in Amazon's stock price is a result of its quarterly earnings report released earlier in November. Analysts are closely monitoring the USD 200 threshold and the July high of USD 201.20 as key support levels.

Sentiment and Market Watch

The sentiment surrounding Amazon's stock remains cautious as market participants await the quarterly figures from NVIDIA. Traders will be watching for the stock to close the open price gap between USD 207.34 and USD 211.48. If Amazon's shares can close this gap without further declines, it may indicate a bullish trend. However, if the stock fails to hold above the USD 200 level, the potential for further declines is significant.

Technical Analysis and Investment Advice

Technical analysis suggests that a successful rebound from the USD 200 mark could provide a buying opportunity, but the risk of a deeper correction remains. Investors are advised to remain vigilant and consider the broader market context, especially the upcoming earnings report from NVIDIA.

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