Amazon Beats Earnings, Here Is The Chart Analysis
Published At: Nov 02, 2024 by Verified Invesing
Amazon.com (AMZN) reported a stellar quarter in their latest earnings release. The stock jumped over 6%, nearing its all-time high (double top) at $201.20.
Based on the technical analysis seen in the chart above, Amazon.com will likely see further upside to $205. This level is the lower parallel that was broken back in July. Since then, it has retraced into this trend line and been rejected once. At $205, probability dictates it would happen again.
Amazon.com is now a $2 trillion market cap company. It is one of the few mega caps to report earnings and rally higher in the latest quarter.
In summary, Amazon looks to continue grinding higher to $205 before hitting significant resistance. This level will be the first big test for the stock.
