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On Thursday, October 31, Amazon released its Q3 earnings report:
→ Earnings per share: actual = $1.43, forecast = $1.14;
→ Gross sales: actual = $158.8 billion, forecast = $157.2 billion.
The report exceeded analyst expectations, with additional optimism driven by Trump’s victory and a Fed rate cut, pushing Amazon’s stock price past the psychological $200 mark and reaching a new high above $210.
Today, Amazon’s stock chart shows the price beginning to round off (indicated by an arrow). Does this signal the end of the bullish trend?
Unlikely, given the strong fundamental support. In technical terms, it may be more accurate to consider the price’s vulnerability to a correction, especially as it sits near the upper boundary of an ascending channel.
Should a correction occur, a retest of the $200 level is possible. Support may come from the median line of the long-term blue channel or the lower boundary of the short-term black channel.
According to TipRanks, which surveyed 45 Wall Street analysts:
→ 44 analysts recommend buying AMZN stock;
→ On average, they forecast a 12-month price target of $238.
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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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