Watch These Amazon Price Levels as Stock Jumps After Cloud Growth Drives Earnings Beat [Video]

Amazon (AMZN) shares rose 6% in extended trading on Thursday after the company surpassed Wall Street’s third-quarter earnings estimates, boosted by growth in its cloud business and healthy e-commerce sales.

The company said Amazon Web Services (AWS) revenue increased 19% in the three-month period, marking the segment’s fastest growth in seven quarters. Meanwhile, online stores revenue grew 7% from a year earlier, with the tech giant saying it anticipates a strong holiday quarter amid improved shipping times and a larger range of lower-cost items.

Prior to Thursday’s afterhours jump, Amazon shares had gained about 23% in 2024, slightly outpacing the S&P 500 index’s return over the same period. 

Below, we analyze the technicals on Amazon’s chart and identify important post-earnings price levels worth watching.

Since setting their record high in early July, Amazon shares have traded within a symmetric triangle, a chart pattern that indicates a consolidation in price before a potential breakout, usually …