After a disappointing earnings report, shares of Amazon.com, Inc. AMZN are trading much lower Friday morning. Yesterday’s closing price was $3,599.95 and share are trading around the $3,350 level, a loss of almost 7%.
Amazon beat its quarterly estimates, but it offered disappointing guidance. The company said third-quarter operating income will be between $2.5 and $6 billion; this compares with $6.2 billion a year ago.
See Also: Amazon Q2 Earnings Takeaways: AWS Expansion, 20 Emmy Noms, Softer Guidance
If shares rebound there’s a good chance they run into resistance around the $3,520 level. This important level has been resistance four times over the past year. It was also support on July 20 and July 21.
Sometimes certain levels can be important for long periods of time and that’s the case here. There could be a significant number of shares for sale around it. This could pause or halt a rally.
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