Verified Investing on $AMZN (Oct 30, 2026)
AMZN missed revenue and earnings estimates with massive capex ($220 billion in 2026) and a conservative but roughly in-line Q4 guide, taking shares from $243.79 to about $225. The speaker sees support at the bottom of its channel since January 2023 near $220, with the 786 Fibonacci at $21798 and a gap just under $215; it may pierce that level but ultimately settle near the channel bottom by the end of the day.
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In addition, we've got bad earnings from Intel and Amazon both plunging down on the charts this morning, adding on to the selling pressure that we experienced with Google just the other day.
Uh next up into some of the blood bath here with Amazon starting and leading the way. Look at this drop. Yesterday, closed at $243.79, now trading at $225. Now, they missed both top and bottom lines with massive capex spending. in addition at $220 billion in 2026.
Now, the Q4 guidance was conservative and somewhat in line and that sent the stock and investors running for the exit, sending the stock lower as you see here cleanly on the chart today.
Now, Amazon, what a beautiful inclining parallel channel that we've got contained ever since January of 2023. Already did some cliff notes for you, put up the Fibonacci sequence retrace, took that from this March low of this year.
That all comes into contact as you see the 786 fib retracees at 21798. The bottom of this parallel channel roughly. It's basically the same value today. 21798. It appears to 220 and that should be some solid level of support.
Notice you've got a gap filled just beyond it just under $215. I see a scenario where we could potentially sell, maybe even pierce this level, but ultimately settle in right around the bottom of this inclining parallel channel by the end of the day.
Interesting selling action going on over there on Amazon.
What this channel has said about $AMZN
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