Amazon (NASDAQ:AMZN) reported earnings of $3.75 per share and revenues of $60.5 billion, with both figures beating expectations of $1.85 per share and $59.9 billion respectively.
To an extent, the positive numbers were influenced by strong sales performance for Amazon Web Services (AWS) and digital assistant Alexa.
This pushed the group's shares 4% higher on Friday's morning trading session. This came after the stock posted a “gravestone doji” chart pattern, that had been followed by a down day on the following session.
While its intermediate patterns remain strong, our analysis of its market cycles indicate short-term topping patterns, and the possibility that stock revisits $1370.
The market cycles on the charts below are designated by the black semicircles at the bottom of the chart.
