Watch These Amazon Price Levels as Stock Drops on Cloud Revenue Miss, Tepid Sales Outlook | Global News Avenue

Amazon (AmznThe tech giant reports cloud computing Revenue below expectations and issued A milder prospect Current quarter.

And the company’s Amazon Web Services (AWS) Cloud unit revenue rose 19% in the fourth quarter to $28.79 billion, and expected $28.87 billion. CEO Andy Jassy tells investors Income call The unit’s growth was blocked by inconsistent chips from its third-party partners.

Looking ahead, the company’s first-quarter revenue forecast also failed to meet Wall Street expectations, executives say the outlook reflects the right Foreign exchange rate.

Amazon shares have risen about 9% since Thursday ended as of the beginning of the year, with trading above 40% in the past 12 months, easily surpassing the company S&P 500The returns for the same period were 3% and 23%, respectively.

Below, we carefully look at Amazon’s charts and use Technical Analysis Determine the key to the moon price level that investors may be watching.

Focus rising wedge

Amazon stocks are in Ascending wedge Since July last year, the price survey has been found several times near the lower trend line of the pattern, 50-day moving average (MA).

In recent trading courses, the stock has been redeemed for the upper trendline of the wedge but cannot be on the stage breakthrough Before the company’s quarterly results.

Additionally, with stocks setting records earlier this week Relative Strength Index (RSI) Failed to register a new high to create a bearish Differences Between the price and indicators, the technical signal indicates a weaker buying momentum. Indeed, Friday’s expected lower Open set sets the stage for a retest of the downtrend line that re-upgrades the wedge pattern.

Let’s determine the three keys Support level Watch and point out a measured action Price target Monitor whether stocks will resume long-term upward trend.

Key support levels to watch

First, it is worth paying attention to the $230 level. While the stock is expected to be slightly below that price on Friday, the region may attract buying support near the rising wedge pattern downtrend line.

this bull‘Unable to defend the above-mentioned level could cause the stock to slip around $216. This area on the chart can be supported near November peak and January slot.

More important corrections have brought psychology $200 rounds of numbers. Investors can seek accumulation Shares in the area near early July Swivel high and late November Swing lowa close upward slanting area 200 days MA.

Measured mobile price targets to monitor

Investors can predict target targets by applying technology that measures movement to monitor their long-term uptrend, also known as chart observers Measurement principle.

When applying the method to the Amazon chart, we calculate the depth of the rising wedge and add that amount to the upper trend line of the pattern. For example, we added $50 to $240, and the target price is $290, the level investors may consider Lock profits.

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As of the writing of this article, the author does not have any of the above securities.