Today, 31 July, Amazon is set to release its quarterly earnings after the close of the regular trading session. Available data show that Amazon (AMZN) shares are exhibiting bullish momentum, reflecting positive market expectations:
→ In July, AMZN shares have outperformed the S&P 500 index (US SPX 500 mini on FXOpen);
→ Yesterday, following the end of the regular session, AMZN shares surged by approximately 3% in after-hours trading.
The rise in AMZN comes amid strong earnings reports from other tech giants, such as Microsoft (MSFT) and Meta Platforms (META). For example, MSFT shares rose by more than 8% in post-market trading. Their success has likely fuelled optimism that Amazon’s upcoming report will also impress.
All of this has brought noticeable changes to the technical outlook for the AMZN stock price.
Technical Analysis of the Amazon (AMZN) Chart
Following the release of the previous earnings report, price movements have formed an upward channel, as indicated by the Regression Trend tool. However, in recent days, a series of bearish signals emerged:
→ On Thursday, AMZN broke above the $230 level (marked by an upward arrow), but the session closed well below the highs – a sign of selling pressure;
→ Friday and Monday’s sessions produced candles with small bodies, indicating market indecision;
→ On Tuesday, bears took the lead (marked by a downward arrow), with a relatively long candle closing near the session low.
Thus, the chart gave reason to assume that optimistic sentiments were waning. However, today’s session is likely to open near the $237.30 level (as seen in the chart above), effectively negating the bearish interpretation of the previous five candles and shifting momentum back in favour of the bulls.
In this context:
→ Support could be provided by the $230 level as well as the median of the Regression Trend channel;
→ Key resistance could be found at the previous high of $242.23 and the psychological level of $250.
Whether AMZN can surge to a new all-time high will largely depend on the company’s performance in AI – a theme that remains highly relevant in 2025.
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