For a year now, AMZN has been disappointing investors, not being able to produce a solid quarter. Since reach above $400 in January 2014, AMZN stock has dropped down to below $285, and struggled to establish a base between about $285 and $300.

Today, Amazon told a different story, a positive one. The company reported a profit of 45 cents a share vs. the analyst expectations of 18 cents a share. At about 30 minutes before the market closed today, I sent out an message to my members that AMZN could see $340 after earnings:

Happy Trading Ecstatic Plays
AMZN could see $340 on positive earnings reaction
03:31 PM – January 29, 2015 • 7 hours ago • Premium content

After the market, AMZN shares vaulted up to $350!

Here’s what I saw in the charts:

AMZN shares were shooting higher in the afternoon, rising above its daily MAs.  There was a soft resistance at about $315, but none after that until about $340.  After the earnings report was released, the stock quickly jumped to about $340, and ended just below $350.

I think traders will lock in profits tomorrow morning.  But, it’s not hard to see a visit to $360 in the near-future.