Market Analysis: After the Report, AMZN Shares Soar Almost 9%

<img src="https://fxopen.com/blog/en/content/images/2023/08/amazon.jpg" alt="Market Analysis: After the Report, AMZN Shares Soar Almost 9%" /><p>Strong gains in Amazon&apos;s stock supported E-mini S&amp;P 500 futures, which were hit by Fitch&apos;s US downgrade and Apple&apos;s disappointing report.</p><ul><li>Amazon revenue for the quarter: USD 134.4 billion, +11% year-on-year;</li><li>profit: USD 6.8 billion for the quarter (-USD 2 billion last quarter);</li><li>the company continued to reduce the cost of maintaining supply chains;</li><li>growth of Amazon Web Services has stabilized as customers move from cost optimization to deployment of new workloads;</li><li>forecasts of sales growth encouraged investors.</li></ul><figure><img src="https://lh5.googleusercontent.com/gdsP0fP4U75pOUnE19BTafNORUUVpAjBElk5Z8hfCGKJkJLIyU1caWWhxz0_0Uzu0zZLDJDDI_cww8OccBgWaEW7dSADiz7w3SKddDn72KZQClmR2OWDmGynmMDcZ-dzmSWtn8MeRqTB6qAM" alt="Market Analysis: After the Report, AMZN Shares Soar Almost 9%" loading="lazy" /></figure><p>The AMZN stock chart shows that a successful report pushed the price to a year high, trading in the morning will start around USD 129 per share. Thus:</p><ul><li>a wide gap is formed on the chart, which can serve as support;</li><li>the price will rise from the lower border of the channel to the upper, where it may meet resistance;</li><li>RSI will bounce off the 50 line;</li><li>the market may be supported by the area around USD 133.5 per share, where the median line of the channel and the maximum from July 31 pass.</li></ul><p>Despite the sharp rise, AMZN&apos;s share price is still far from meeting the average target values, which, according to Tipranks, are in the region of USD 157.</p><p>To benefit from the rise and fall of the AMZN share price, consider enlisting the services of a trusted broker like FXOpen.</p>