{"id":120835,"date":"2024-11-01T13:07:44","date_gmt":"2024-11-01T06:07:44","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=120835"},"modified":"2024-11-01T13:07:44","modified_gmt":"2024-11-01T06:07:44","slug":"watch-these-amazon-price-levels-as-stock-jumps-after-cloud-growth-drives-earnings-beat","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=120835","title":{"rendered":"Watch These Amazon Price Levels as Stock Jumps After Cloud Growth Drives Earnings Beat"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div id=\"mntl-sc-page_1-0\" data-sc-sticky-offset=\"80\" data-sc-ad-label-height=\"0\" data-sc-ad-track-spacing=\"90\" data-sc-min-track-height=\"250\" data-sc-max-track-height=\"600\" data-sc-breakpoint=\"50em\" data-sc-load-immediate=\"1\" data-sc-content-positions=\"[300, 1, 1, 1250, 1, 1, 1, 1]\" data-bind-scroll-on-start=\"true\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\">\n<div id=\"mntl-sc-block_2-0\" class=\"comp mntl-sc-block mntl-sc-block-callout mntl-block theme-whatyouneedtoknow\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<h3 id=\"mntl-sc-block-callout-heading_1-0\" class=\"comp mntl-sc-block-callout-heading mntl-text-block\">Key Takeaways<\/h3>\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<ul>\n<li>Amazon shares rose 6% in extended trading on Thursday after the company surpassed Wall Street\u2019s third-quarter earnings estimates, boosted by growth in its cloud business and healthy e-commerce sales.<\/li>\n<li>The stock sits poised to break out from a symmetrical triangle following the company\u2019s better-than-expected quarterly report.<\/li>\n<li>Investors should watch key overhead price levels on Amazon&#8217;s chart around $200, $242, and $273, while also monitoring an important support area during profit taking periods near $192.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<p id=\"mntl-sc-block_3-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"> Amazon (<a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=amzn\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">AMZN<\/a>) shares rose 6% in extended trading on Thursday after the company surpassed Wall Street\u2019s third-quarter earnings estimates, boosted by <a href=\"https:\/\/www.investopedia.com\/amazon-stock-jumps-on-earnings-beat-cloud-growth-update-8737937\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">growth in its cloud business<\/a> and healthy <a href=\"https:\/\/www.investopedia.com\/terms\/e\/ecommerce.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"3\">e-commerce<\/a> sales.<span class=\"ql-inline-citation\" data-cite=\"1\"\/>\n<\/p>\n<p id=\"mntl-sc-block_5-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"> The company said Amazon Web Services (AWS) revenue increased 19% in the three-month period, marking the segment&#8217;s fastest growth in seven quarters.<span class=\"ql-inline-citation\" data-cite=\"2\"\/> Meanwhile, online stores revenue grew 7% from a year earlier, with the tech giant saying it anticipates a strong holiday quarter amid improved shipping times and a larger range of lower-cost items.<span class=\"ql-inline-citation\" data-cite=\"3\"\/>\n<\/p>\n<p id=\"mntl-sc-block_7-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"> Prior to Thursday\u2019s afterhours jump, Amazon shares had gained about 23% in 2024, slightly outpacing the <a href=\"https:\/\/www.investopedia.com\/terms\/s\/sp500.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">S&amp;P 500 index\u2019s<\/a> return over the same period.\u00a0\n<\/p>\n<p id=\"mntl-sc-block_9-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"> Below, we analyze the technicals on Amazon\u2019s chart and identify important post-earnings price levels worth watching.\n<\/p>\n<p><span class=\"heading-toc\" id=\"toc-symmetrical-triangle-breakout\"\/><\/p>\n<h2 id=\"mntl-sc-block_11-0\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"> <span class=\"mntl-sc-block-heading__text\"> Symmetrical Triangle Breakout <\/span> <\/h2>\n<p id=\"mntl-sc-block_12-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"> Since setting their record high in early July, Amazon shares have traded within a <a href=\"https:\/\/www.investopedia.com\/terms\/s\/symmetricaltriangle.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">symmetric triangle<\/a>, a chart pattern that indicates a <a href=\"https:\/\/www.investopedia.com\/terms\/c\/consolidation.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">consolidation<\/a> in price before a potential <a href=\"https:\/\/www.investopedia.com\/articles\/trading\/08\/trading-breakouts.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"3\">breakout<\/a>, usually in the direction of the prevailing trend.\n<\/p>\n<p id=\"mntl-sc-block_14-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"> Indeed, the stock sits poised to stage an upside breakout following the company\u2019s better-than-expected quarterly report.\n<\/p>\n<p id=\"mntl-sc-block_16-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"> Let\u2019s look at a key overhead level and several chart-based price targets on Amazon\u2019s chart, while also pointing out an important <a href=\"https:\/\/www.investopedia.com\/terms\/s\/support.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">support<\/a> area during periods of profit taking.\n<\/p>\n<p><span class=\"heading-toc\" id=\"toc-key-overhead-price-levels-to-watch\"\/><\/p>\n<h2 id=\"mntl-sc-block_18-0\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"> <span class=\"mntl-sc-block-heading__text\"> Key Overhead Price Levels to Watch <\/span> <\/h2>\n<p id=\"mntl-sc-block_19-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"> The first level to watch sits around $200, an area that may come into play on Friday where the shares could face overhead resistance near the stock\u2019s <a href=\"https:\/\/www.investopedia.com\/articles\/active-trading\/051315\/how-trade-stocks-hit-alltime-highs.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">all-time high (ATH)<\/a> and <a href=\"https:\/\/www.investopedia.com\/articles\/technical\/02\/061802.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">psychological<\/a> round number.\n<\/p>\n<h3 id=\"mntl-sc-block_21-0\" class=\"comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading\"> <span class=\"mntl-sc-block-subheading__text\"> Measuring Principle Price Target <\/span> <\/h3>\n<p id=\"mntl-sc-block_22-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"> To forecast an upside <a href=\"https:\/\/www.investopedia.com\/terms\/p\/pricetarget.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">price target<\/a> above the ATH, we can use a technical tool called the <a href=\"https:\/\/www.investopedia.com\/terms\/m\/measuring-principle.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">measuring principle<\/a>. We do this by calculating the distance between the symmetrical triangle\u2019s two trendlines near the start of the pattern and add that amount to the breakout point. In this case, we add $50 to $192, which predicts a target of $242.\n<\/p>\n<h3 id=\"mntl-sc-block_24-0\" class=\"comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading\"> <span class=\"mntl-sc-block-subheading__text\"> Bars Pattern Price Target <\/span> <\/h3>\n<p id=\"mntl-sc-block_25-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"> Investors can speculate a longer-term bullish price target by applying a bars pattern, a technique that uses prior <a href=\"https:\/\/www.investopedia.com\/terms\/t\/trendanalysis.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">trends<\/a> on the chart to predict future directional moves.\n<\/p>\n<p id=\"mntl-sc-block_27-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"> This works by taking Amazon\u2019s trending move from October last year to April this year and overlaying the pattern from the most recent low, which forecasts a target of around $273. We selected this move as it commenced from an earnings-driven <a href=\"https:\/\/www.investopedia.com\/terms\/g\/gap.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">gap<\/a> following the company\u2019s equivalent quarter results last year.\n<\/p>\n<p><span class=\"heading-toc\" id=\"toc-important-support-area-to-monitor\"\/><\/p>\n<h2 id=\"mntl-sc-block_29-0\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"> <span class=\"mntl-sc-block-heading__text\"> Important Support Area to Monitor <\/span> <\/h2>\n<p id=\"mntl-sc-block_30-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"> During periods of <a href=\"https:\/\/www.investopedia.com\/terms\/p\/profittaking.asp#:~:text=Profit%2Dtaking%20is%20selling%20a,stock%20price%20or%20equity%20index.\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">profit-taking<\/a>, investors should keep an eye on the $192 region. This area could attract buying interest near the stock\u2019s initial breakout point, which also closely aligns with two prominent <a href=\"https:\/\/www.investopedia.com\/trading\/peak-and-trough-analysis\/\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">peaks<\/a> that formed on the chart in April and May.\n<\/p>\n<p id=\"mntl-sc-block_32-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"> <em>The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our\u00a0<a href=\"https:\/\/www.investopedia.com\/legal-4768893#toc-warranty-and-liability-disclaimer\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">warranty and liability disclaimer<\/a>\u00a0for more info.<\/em>\n<\/p>\n<p id=\"mntl-sc-block_34-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"> <em>As of the date this article was written, the author does not own any of the above securities.<\/em><\/p>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.investopedia.com\/watch-these-amazon-price-levels-as-stock-jumps-after-cloud-growth-drives-earnings-beat-8738073\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Amazon shares rose 6% in extended trading on Thursday after the company surpassed Wall Street\u2019s third-quarter earnings estimates, boosted by growth in its cloud business and healthy e-commerce &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=120835\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-120835","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/120835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=120835"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/120835\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=120835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=120835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=120835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}