Amazon - Daily

Amazon is up 2.5% pre-market after tech earnings proved strong. Can Amazon continue the trend?

Amazon continues to recover from the December lows of $81. Earnings are due tonight after the bell and given the triumph from Microsoft, Meta & Alphabet, it looks as though investors are possibly anticipating further upside for the e-commerce giant. Looking at the chart, MACD sits comfortably trending towards the upside, with RSI reading 65 suggesting a strong upside trend, but not overbought.

Support for Amazon sits at $104.76 with further trendline support at around $99-$100 level. A breakdown from here could see Amazon fall towards the March swing low at $90. Toward the upside, Amazon could face resistance at $109.50 and thereafter $120.