Amazon Stock (AMZN) Holds Above $200
On Thursday, October 31, Amazon released its Q3 earnings report:
Earnings per share: actual = $1.43, forecast = $1.14;
Gross sales: actual = $158.8 billion, forecast = $157.2 billion.
The report exceeded analyst expectations, with additional optimism driven by Trumps victory and a Fed rate cut, pushing Amazons stock price past the psychological $200 mark and reaching a new high above $210.
Today, Amazons stock chart shows the price beginning to round off (indicated by an arrow). Does this signal the end of the bullish trend?
Unlikely, given the strong fundamental support. In technical terms, it may be more accurate to consider the prices vulnerability to a correction, especially as it sits near the upper boundary of an ascending channel.
Should a correction occur, a retest of the $200 level is possible. Support may come from the median line of the long-term blue channel or the lower boundary of the short-term black channel.
According to TipRanks, which surveyed 45 Wall Street analysts:
44 analysts recommend buying AMZN stock;
On average, they forecast a 12-month price target of $238.
Read more: https://fxopen.com/blog/en/oa-amazon-stock-amzn-holds-above-200/
Text source: Forex Trading Blog
