Amazon Closes Lower Despite Better-Than-Expected Earnings
Amazon.com Inc (AMZN) on Thursday reported profit and revenue that blew past analyst expectations, sending its shares soaring in after-hours trading and demonstrating the growing market power of its core retail business and new cloud services division. However, due to the Bank of Japan’s shocking call to cap monetary stimulus and a late day decline in Apple shares on remarks by billionaire investor Carl Icahn, US stocks, especially tech stocks had a wild slump during closing hours. On the hourly chart, we can see AMZN last traded at 602.39. The ADX of 33.37 along with DI- staying above DI+ suggests a bearish market in the making. The stock is anticipated to fall further.
Sell at 602.39, SL at 606.98, TP at 596.82