AMZN June 17, 2024: A Buy Point at A New HighAt the close of June 16, 2024, NASDAQ:AMZN was at a new high entering $2T club.
I am opening a new position here with the target price of $230 (20% from the base)
AMZN80 trade ideas
AMAZON PUTS LONG TERM*I am in no way a financial advisor and you should always do your own due diligence before placing any trade. Do not trade what you are not comfortable with losing. No trade is guaranteed.
Prices are at a high and price needs to correct massively. Price should fall to strong support area and buyers should be able to pick their momentum back up in strong support area. Use proper risk management.
Amazon JungleWas waiting to see if the blue curve holds in this project in order to decide to post these simulated projections that take into account potential pivot points, reversals, or zones for support/resistance and BREAKOUTS... in either direction, even though I am slightly bullish biased on this one.
I have this scenario in mind where this could find support somewhere at the white or continuing on the blue or towards the red for a more decisive push in case the Earnings don't upset the whole harmony in this picture.
If everything goes to pieces will be having an eye for the possibility of the blue curve becoming resistance with a retest.
Other lower probability scenarios are some impact zones around the green and purple rectangles. If the prices reaches the top curves it would be only as a reference to see the price action around them for potential validation of the simulation.
Earnings Expectation For July 30th Investors, mark your calendars! A mix of high-profile companies are set to report their quarterly results today. Let's take a quick dive into what's expected:
Apple (AAPL 🍏)
The tech giant is anticipated to report an EPS of 1.20 and a revenue of 88.90B. With a historical beat rate of 80%, can Apple continue to exceed market expectations?
Microsoft (MSFT 🖥️)
Expected to post an EPS of 2.35 and a revenue of 56.60B, all eyes are on Microsoft as they hold an impressive 85% beat rate. Will they keep up the momentum?
Amazon (AMZN 📦)
Amazon is set to announce an EPS of 0.52 and a revenue of 110.20B. With a beat rate of 75%, investors are keen to see if Amazon can surpass these forecasts.
Alphabet (GOOGL 🌐)
The search engine leader is projected to deliver an EPS of 1.50 and a revenue of 63.50B. Holding a 78% beat rate, will Alphabet hit the mark?
🔍 As these giants reveal their financial health, it's not just about the numbers but also the story they tell about the consumer market and economic trends. Keep your portfolios ready for any surprises!
#EarningsSeason #StockMarket #InvestmentInsights
AMZN - LONGSupport and down leg breakout with what looks like selling climax. $195+ target soon.
The expectation for Amazon's next earnings report, scheduled for August 1, 2024, is generally bullish. Analysts anticipate significant year-over-year increases in both revenue and profit. The consensus estimate for earnings per share (EPS) is around $1.06, compared to $0.84 in the previous quarter. Revenue is expected to rise to approximately $166.19 billion, up from $142.63 billion in the same quarter last year.
Several factors contribute to this optimistic outlook. Amazon's advertising business is projected to grow substantially, with analysts forecasting a 24.5% increase in advertising revenue for the first quarter and continued growth throughout the year. Additionally, the company's advancements in AI and the rollout of ads on Prime Video are seen as key drivers for future growth.
Overall, the sentiment among analysts is positive, with expectations of robust financial performance driven by strong growth in various business segments.
AMZN Amazon Options Ahead of EarningsIf you haven`t bought AMZN before the previous earnings:
Now analyzing the options chain and the chart patterns of AMZN Amazon prior to the earnings report this week,
I would consider purchasing the 185usd strike price Calls with
an expiration date of 2024-12-20,
for a premium of approximately $16.90.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
AMAZON Bearish Breakout! Sell!
Hello,Traders!
AMAZON was trading along
The rising support line but
The we saw a breakout so
We are bearish biased and
After the pullback and
Retest of the broken support
We will be expecting a
Local move down
Sell!
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Analysis of AMZN Stock: Price at 1.5-Month LowAnalysis of AMZN Stock: Price at 1.5-Month Low
As shown in the AMZN chart, the stock price dropped below:
→ the psychological level of $180;
→ the mid-June interim low.
The last time AMZN traded below $180 was in early June.
Thus, AMZN has faced sell-offs, similar to other tech stocks whose charts we've published this week. A widely mentioned reason for the sell-offs is investor rotation, moving capital from overbought tech stocks to shares in other sectors.
Will AMZN's price drop further?
Fundamentally, bulls might find hope in speculation that:
→ the company might start paying dividends. Rumours suggest the company has accumulated $100 billion in cash;
→ Amazon in Austin, Texas, is developing its own AI chip to compete with Nvidia.
Technical analysis of the AMZN stock chart also provides reasons to expect a recovery (at least in the short term):
→ The price is near the lower boundary of an ascending channel that has been in place in 2024, which may act as support.
→ The false breach of the $180 psychological level could also support the price by altering the supply-demand balance.
→ Below yesterday's low is the $175 level, which has repeatedly shown support in 2024, as indicated by arrows.
A bounce from these supports could provide valuable insights into the bulls' aggressiveness.
Meanwhile, forecasts are optimistic. According to TipRanks, all 44 Wall Street analysts recommend buying AMZN stock, with an average price target of $224.60 (nearly +25% from current levels) within 12 months, surpassing the current high around the psychological level of $200.
Note that analysts' opinions may change after the Q2 earnings report, scheduled for August 1.
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.
AMZN weekly chart looks intact for continuation.NASDAQ:AMZN weekly chart shows that it is holding the previous all-time high breakout at $191.70. It is also holding the weekly 5 SMA, which would provide a good entry to average up on the swing after taking profit last week. Jeff Bezos selling at $200+ needs to be cleared out before the stock can continue higher, and it appears that he has sold about 33% of the total 25 million shares planned based on SEC filings.
AMZN is at weekly and daily demand zones.NASDAQ:AMZN is at key weekly and daily demand zones which have held up for the past several months. The daily 100 EMA and weekly 20 EMA have served as strong demand zones on this entire move higher after last earnings season, and we have been swinging the stock long from these levels in the $170s, before scaling out at $190 and $200 targets. This dip into $182 is a great level to reload equity that was sold into targets for a potential move back to highs. The trade will be invalidated if it builds below these levels; however, entry here provides favorable reward-to-risk ratio.
Amazon: Almost there!Amazon should continue to decline with the magenta-colored wave (4) into our same-colored Target Zone between $176.91 and $161.83. As soon as it has established the corrective low there, a rise above the resistance at $201.31 is on the agenda. However, we will already see the price in the magenta-colored wave alt. (5) should the resistance be broken early.
