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- Amazon.com Inc. announced its Q2-2023 results on 3 August 2023.
- Amazon failed to launch its Project Kuiper constellation in a timely manner.
- AMZN stock is trading at $138.12, with a gain of 0.08% in the past intraday session.
Amazon stock began its journey from the lows of $81.50 towards the highs of $143.50 in 8 months. The stock surged in an uptrend while forming higher highs and higher lows. The first and second quarter reports represent positive earnings and revenue results, which further elevated the price.
The e-commerce giant Amazon.com holds the 5th position in the NASDAQ-100 and is 3rd in the S&P 500 lists. With its $1.41 Trillion market capitalization, AMZN stock plays a crucial role in the U.S. stock market. Its subsidiary company, Blue Origin, expresses great ambition in the space and technology sector.
Amazon Failed to Launch Its Project Kuiper Constellation In a Timely Manner
Jeff Bezos’s space venture, Blue Origin, encountered setbacks in its attempt to launch test low-Earth satellites as part of Project Kuiper. Similar to SpaceX’s Starlink, Project Kuiper aims to provide global internet coverage, ensuring connectivity in even the most remote areas. Nonetheless, Blue Origin has faced numerous challenges in developing its launch vehicle for this ambitious project.
Q2-2023 Financial Report of Amazon
Amazon announced its Q2-2023 consensus on 3 August 2023, with a profit of $2.88 Billion in revenue. The second quarter’s financial report outperformed the estimates of market analysts.
The reported $0.65 EPS, which surpassed the estimated $0.354 EPS, increased investors’ faith. The reported revenue was $134.38 Billion, and it surpassed the estimated revenue of $131.49.
The Q2-23 report further elevated the price action, and an annual high was witnessed the next day at the $143.63 resistance level. The price then observed a short-term pullback and bounced back toward the current resistance level of $139.96.
Will AMZN Stock Achieve A New Annual High?
Earth’s most customer-centric company (AMZN Stock) has been advancing in an uptrend trajectory with a year-to-date return of 61.62% and a three-month return of 10.43%. If the bullish momentum sustains, the price might hike and retest the annual high.
On the contrary, if bears snatch the bullish flow, the price might melt towards the previous support level of $126.60. Furthermore, Amazon.com Inc’s stock price is trading above the 20, 50, 100, and 200-day EMAs, reflecting uptrend momentum in the market while the price is in the overbought region.
The RSI scored 58.45 during the intraday session, indicating bullish dominance and strength in the market.
Conclusion
Amazon’s stock price market structure is experiencing an uptrend sentiment throughout the year. The price is in the overbought zone and is constantly moving upward, with new annual highs every passing month. Investors should look for buying opportunities ahead.
Technical Levels
Major resistance: $143.63 and $139.96
Major support: $81.43 and $88.12
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
