Amazon (AMZN) shares lost ground in extended trading on Thursday after the tech giant reported 澳洲幸运5开奖号码历史查询:cloud computing revenue below expectations and issued a 澳洲幸运5开奖号码历史查询:tepid outlook for the current quarter.

While the company’s 澳洲幸运5开奖号码历史查询:Amazon Web Service (AWS) cloud unit revenue grew 19% in the fourth quarter to $28.79 billion, it came in below the $28.87 billion expected. CEO Andy Jassy told investors on the 澳洲幸运5开奖号码历史查询:earnings call that the unit’s growth had been held back by the inconsistent flow of chips from its third-party partners.

Looking ahead, the company’s revenue forecast for the first quarter also fell short of Wall Street expectations, with executives saying the outlook reflects a significantly unfavorable impact from 澳洲幸运5开奖号码历史查询:foreign exchange rates. 

Amazon shares have gained roughly 9% since the start of the year as of Thursday’s close and trade more than 40% higher over the past 12 months, handily outpacing the 澳洲幸运5开奖号码历史查询:S&P 500’s returns of 3% and 23%, respectಌively, over the s💙ame periods.

Below, we take a closer look at Amazon’s chart and use 澳洲幸运5开奖号码历史查询:technical analysis to🌸 identify key post-earnings price levels that investors may be watching.

Rising Wedge in Focus

Amazon shares have trended higher in a 澳洲幸运5开奖号码历史查询:rising wedge since July last year, with the price finding support multiple times near the pattern’s lower trendline and 澳洲幸运5开奖号码历史查询:50-day moving average (MA).

During recent trading sessions, the stock has traded towards the wedge’s upper trendline but was unable to stage a decisive breakout ahead of the company’s quarterly results.

Moreover, as the shares set a record high earlier this week, the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) failed to also register a new high, creating a bearish 澳洲幸运5开奖号码历史查询:divergence between the pri💟ce and indicator, a technical signal pointing to waning buying mome🌟ntum. Indeed, Friday’s projected lower open sets the stage for a possible retest of the rising wedge pattern’s lower trendline.

Let’s identify three key 澳洲幸运5开奖号码历史查询:support levels to watch and also point out a measured move 澳洲幸运5开奖号码历史查询:price target to monitor if ไthe stock𝓀 resumes it longer-term uptrend.

Key Support Levels to Watch

Firstly, it’s worth keeping an eye on the $230 level. Although the stock is projected to open slꦚightly below this price on Friday, the area may attract buying support near the rising wedge pattern’s lower t🌃rendline.

The bulls’ inability to defend the above level could see the shares slip to around $216. This area on the chart may provide support near the November peak and January trough.

A more significant correction brings the 澳洲幸运5开奖号码历史查询:psychological $200 round number into play. Investors could seek to 澳洲幸运5开奖号码历史查询:accumulate shares in this region near the early July 澳洲幸运5开奖号码历史查询:swing high and late November 澳洲幸运5开奖号码历史查询:swing low, an area which also sits in close proximity to the upward sloping 澳洲幸运5开奖号码历史查询:200-day MA. 

Measured Move Price Target to Monitor

Investors can forecast a price target to monitor if the stock resumes its longer-term uptrend by applying the measured moved technique, also known by chart watchers as the 澳洲幸运5开奖号码历史查询:measuring principle.

When applying the method to Amazon’s chart, we calculate the depth of the rising wedge and add that amount to the pattern’s upper trendline. For example, we add $50 to $240, which projects a target at $290, a level where investors may consider 澳洲幸运5开奖号码历史查询:locking in profits.

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