Good morning traders. How low could Amazon.com, Inc. go after last evenings disappointing earnings? Let’s take a look at the chart below.
Those involved in the trade should look for the lower of last evening’s after hours session, or today’s pre market trade, to support today’s regular trading hours price. If this does not occur and AMZN undercuts the lowest extended session price, we’ll look for the stock to be absorbed down into the prior trading range (red circle) and ultimately work its way down to 245.25 (red line).