Today’s instrument is Amazon.com’s stock traded in the Nasdaq exchange under the ticker AMZN.
When we look at the AMZN’s chart, we can see that it rallied during the past week, climbing from the $2800 price range well into the $3000 and reaching as high as $3100 during yesterday’s session. However, after hitting the high, it didn’t manage to hold on and consolidate its gains and returned to the $3000 price range, closing the day in the red. It was last found trading at $3009 with the closest overhead resistance of $3100 and closest support level at $2960.
Amazon.com has scheduled a quarterly earnings announcement today 03/02/2022. If earning expectations are surpassed, we could expect the price to move upwards, towards the $3100 price range.
Photo by Bryan Angelo on Unsplash
Today we can expect a move towards the $3100 resistance, possibly further into the $3110 price range, anticipating positive news.
If however, it doesn’t manage to hold on to the current level then a move below the closest support of $2960 and into the $2850 range.
(Click on image to enlarge)
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