Amazon stock (NASDAQ: AMZN) refreshed its two-year highs on Thursday. The shares of the e-commerce giant and cloud services provider closed the month of February with a 13.89% hike. The hopes of multiple rate cuts by the US Federal Reserve this year are fuelling the bullish market sentiment.

The January PCE report showed that the personal expenditure price index, excluding food and energy costs, had a 0.4% increase in the month. On a YoY basis, this translated into a 2.8% uptick, which was in line with the market expectations.

The markets, in general, and Amazon shares reacted very positively to the PCE data. The benchmark S&P 500 and Nasdaq 100 indices gained 26 and 169 points, respectively. On Friday, the Emini S&P futures were trading at 5,097 points after a decline of 0.12% for the day.

Jeff Bezos Liquidates Amazon Shares Worth $8.5B

The selling spree of Amazon stock by the former CEO and founder Jeff Bezos has finally ended. In the last nine days, the world's second-richest man raked in $8.5 billion by selling 50 million shares of Amazon.

While many investors are viewing the recent sales by Bezos as a potential top signal, many analysts believe it could just be a sign of a healthy mid-cycle rally.

Amazon Stock Price Forecast & Technical Analysis

For a better outlook on NASDAQ: AMZN, let's analyze its price action on a daily timeframe. The stock has recently overcome the supply zone which was present below $170. As a result, Amazon stock price forecast is looking very bullish, and the shares are trading at their highest level since December 2021.

A high timeframe analysis also reveals that the stock is only a 6.5% surge away from its 2021 all-time high of $188. It comfortably sits above the 0.786 fib retracement level of $166, which adds to the bullish outlook. However, the bearish RSI divergence on the daily chart could cause concern for some swing traders. The $166 support needs to be held in case of a pullback.