When we look at the Amazon.com (NASDAQ:AMZN) chart, we can see that it rallied during the past week, climbing from the $2800 price range well into the $3000 and reaching as high as $3100 during yesterday’s session.
However, after hitting the high, it didn’t manage to hold on and consolidate its gains and returned to the $3000 price range, closing the day in the red. It was last found trading at $3009 with the closest overhead resistance of $3100 and closest support level at $2960.
Amazon.com has scheduled a quarterly earnings announcement today. If earning expectations are surpassed, we could expect the price to move upwards, towards the $3100 price range.
Today we can expect a move towards the $3100 resistance, possibly further into the $3110 price range, anticipating positive news. If it doesn’t manage to hold on to the current level, a move below the closest support of $2960 and into the $2850 range is likely.