Shares of Amazon (AMZN) - Get, Inc. Report are outpacing the impressive gains in both the Nasdaq and the S&P 500 on Monday, as shares are up 1.5% to $1,808 after the company received a price target boost from the analysts at Oppenheimer.

The analysts increased their target $90 per share from $1,975 to $2,085, arguing that Amazon's cloud unit, Amazon Web Services, will benefit from artificial intelligence integration.

Should Amazon stock rally that far, it will represent a gain of about 15% from current levels. Trailing Netflix (NFLX) - Get Netflix, Inc. (NFLX) Report and Facebook (FB) - Get Facebook, Inc. Class A Report so far in year-to-date performance, Amazon has been surprisingly quiet. Bulls' hope is that the name will be able to catch up as we move throughout 2019.

The question is, can Amazon hit $2,085, which would represent a new all-time high?

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One-year daily chart of Amazon stock.

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Hopefully readers of TheStreet nailed the breakout in Amazon stock last month. After bursting through $1,700, shares quickly raced north of $1,800 before pulling back. On the pullback, the $1,750 to $1,760 area held as support, which now gives investors a line in the sand to measure against. The 61.8% Fibonacci retracement for the 52-week range at $1,758 also held as support.

So now what?

On a pullback, investors should watch this level carefully. If it holds as support, it increases the strength of Amazon's newfound base. It would be discouraging to see this level give way as support, but should we get a larger correction in the market, it wouldn't be all that surprising to see Amazon stock slip, too. If that's the case, there is plenty of support below. Amazon stock has the 20-day and 200-day moving averages near $1,735 and its prior resistance near $1,700.

On the flip side, should Amazon stock take out its recent highs near $1,825, it opens the door to the $1,850 to $1,860 area. Above $1,860 and AMZN stock could really gain momentum.

While the stock will likely need to rest a bit if such a move occurs in a relatively short period of time, it will make it possible for a run north of $2,000. Worth mentioning is that this level could give Amazon stock trouble, particularly on the first test and if the stock comes in overbought.

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.