Amazon stock surges on huge earnings beat! What’s next?

By Admiral Markets 

– Amazon shares surged higher in premarket trading to new a record high on an earnings report that smashed Wall Street’s expectations. The stock was instantly up 3.5% on the announcement after the closing bell yesterday.

The e-commerce giant posted earnings of $15.79 per share against $9.54 per share expected. Revenue came in at $108.52 billion versus an expected $104.47 billion.

Sales were up more than 44% year on year, largely helped by the surge in demand of online shopping over the pandemic.

Source: Admirals MetaTrader 5, AMZN, Monthly – Data range: from Jul 1, 2013, to Apr 29, 2021, performed on Apr 29, 2021, at 8:30 pm GMT. Please note: Past performance is not a reliable indicator of future results. 

While Amazon’s share price has been rising in the long term, it has spent much of the past six months in a trading range. However, the price has now broken to new all-time high levels, suggesting a breakout of the range.

If the buyers can hold above the recent range it could be a platform for more buyers to step in. Watching price action and cycle formations will be key for confirmation of this.

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