Amazon (AMZN) shares rose 6% in extended trading on Thursday after the company surpassed Wall Street’s third-quarter earnings estimates, boosted by 澳洲幸运5开奖号码历史查询:growth in its cloud business and healthy 澳洲幸运5开奖号码历史查询:e-commerce sales.

The company said Amazon Web Services (AWS) revenue increased 19% in the three-month period, marking the segment's fastest growth in seven quarters. Meanwhile, online stores revenue grew 7% from a year earlier, with the tech giant saying it anticipates a strong holiday quarter amid improved shipping times and a larger range of lower-cost items.

Prior to Thursday’s afterhours jump, Amazon shares had gained about 23% in 2024, slightly outpacing the 澳洲幸运5开奖号码历史查询:S&P 500 index’s return over the same period. 

Below, we analyze the tech🦹nicals on Amazon’s chart and identify important post-earnings price♑ levels worth watching.

Symmetrical Triangle Breakout

Since setting their record high in early July, Amazon shares have traded within a 澳洲幸运5开奖号码历史查询:symmetric triangle, a chart pattern that indicates a 澳洲幸运5开奖号码历史查询:consolidation in price before a potential breakout, ♒usually i🉐n the direction of the prevailing trend.

I෴ndeed, the stock sits poised to stage an upside breakout following the company’s better-than-expected quarterly report.

Let’s look at a key overhead level and several chart-based price targets on Amazon’s chart, while also pointing out an important support area during periods of profit taking.

Key Overhead Price Levels to Watch

The first level to watch sits around $200, an area that may come into play on Friday where the shares could face overhead resistance near the stock’s 澳洲幸运5开奖号码历史查询:all-time high (ATH) and 澳洲幸运5开奖号码历史查询:psychological round number.

Measuring Principle Price Target

To forecast an upside 澳洲幸运5开奖号码历史查询:price target above the ATH, we can use a technical tool called the 澳洲幸运5开奖号码历史查询:measuring principle. We do this by calculating the distance between the symmetrical triangle’s two trendlines near the start of the pattern and add that amount to the breakout point. In this case, we add $50 to $192, which⛎ predicts a target of $242.

Bars Pattern Price Target

Investors can speculate a longer-term bullish price target by applying a bars pattern, a technique that uses prior trends on the char♊tไ to predict future directional moves.

This works by taking Amazon’s trending move from October last year to April this year and overlaying the pattern from the most recent low, which forecasts a target of around $273. We selected this move as it commenced from an earnings-driven gap following the company’s ♎equivalent quarter🎉 results last year.

Important Support Area to Monitor

During periods of 澳洲幸运5开奖号码历史查询:profit-taking, investors should keep an eye on the $192 region. This area could attract buying interest near the stock’s initial breakout point, which also closely aligns with two prominent peaks that formed on the chart in April and May.

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As of the date this article was written, the author does not own any of the above securities.