The dominant leader in e-commerce announced its fiscal fourth-quarter results on February 3, publishing a strong earnings report that included several positive events. In particular, the company blew away analysts’ expectations in terms of earnings per share with $5.80 compared with the $3.57 forecast. Furthermore, net revenues increased by 22% year on year, and the business made a significant profit from its investment in electric vehicle manufacturer Rivian (NASDAQ: RIVN) $1.2 billion. To determine if an asset is in an uptrend or a downtrend, investors look to the 20-day, 50-day, and 200-day simple moving averages (SMAs). It’s worth mentioning that AMZN is below all of its SMA lines; despite recent momentum, it is still down -4.30% on its 20-day SMA. As a result of the reduction in volume volatility, AMZN presents a favorable setup opportunity. There is a resistance zone just above the current price that begins at $3152.79 and a support zone that begins at $2852.86 from a horizontal line just below the current price in the weekly time frame. Based on the price predictions of the 32 TipRanks experts’ stock recommendations for AMZN over the past three months, all 32 advocate that investors should “Buy,” while none recommend that investors should “Hold” or “Sell.” Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. Read also:Stock Trading for BeginnersDividend Investing for Beginners
