Current trend

Shares of Amazon.com Inc., the leader in e-commerce, are adjusting at 186.00.

Yesterday, the company announced the launch of sales of its first color e-book, Kindle Colorsoft. For several years, the key problem in creating a new product was the high energy consumption of LEDs, which made its cost quite high, but the company managed to solve it. The e-book will go on sale on October 30 at an average price of 280.0 dollars, which is comparable to the cost of black-and-white analogues from other manufacturers (from 149.0 dollars to 330.0 dollars). In addition, in early November, sales of an updated version of the Kindle Scribe e-book model with artificial intelligence (AI) support will begin; it gives the user the option to make sketches on the screen using a stylus and convert them into printed text.

Amazon.com Inc. will publish its quarterly financial report  on October 24: according to analysts' forecasts, revenue could reach up to 157.23 billion dollars after 147.98 billion dollars in the previous quarter, and earnings per share (EPS) are expected at 1.14 dollars, below 1.26 dollars over the previous period.

Support and resistance

On the D1 chart, the asset is moving in an uptrend and is trading just above the support line of the channel with the boundaries of 200.00–183.00.

Technical indicators hold the buy signal: the range of fluctuations of the EMAs is expanding, and the AO histogram is in the purchases zone.

Support levels: 183.00, 169.00.

Resistance levels: 190.00, 201.00.

Trading tips

In case of continued local growth of the asset and price consolidation above the resistance level of 190.00, long positions with a target of 201.00 and a stop-loss of 185.00 will be relevant. Implementation period: 7 days and more.

In the event of a reversal and the beginning of a decline in the asset, as well as price consolidation below the support level of 183.00, one can open short positions with a target of 169.00 and a stop-loss of 187.00.