Amazon's stock surged in the intraday levels, marking a 4.65% profit in the last session and settling at $2,891, with trading volumes surpassing 5.8 million shares.
The gains came amid surging optimism in the tech sector after META, owner of Facebook, reported an increase in subscribers, while amazon reported loss of $7.56 per share, down from a profit of $15.79 last year.
Despite the losses, net sales spiked to $116.44 billion in the first quarter, up from $108.52 billion last year.
The stock is trying to recoup recent losses, and vent off oversold saturation in the RSI, amid the dominance of the downward short-term trend, with negative pressure from the 50-day SMA.
Therefore we expect the stock to return lower, targeting the pivotal support of 2,707.
Expected trend for today: Bearish