AMZN, NET and IONQ Forecast – Tech Stocks React to Earnings

AMZN Technical Analysis

Amazon looks as if it is likely to open up down a bit despite the fact that the earnings and the revenue both came in higher than anticipated during the call overnight. So, the question at this point in time is, will it be a buy on the dip opportunity? I think that’s very, very possible, especially with the 50 day EMA down at the $224 region and rising, it’s very possible that technical support will come in that general vicinity.

We are in a strong uptrend and despite the fact that there might be a little bit of noisy behavior, because one of the things that came in a little under was the AWS cloud services part of Amazon, which is part of the big story right now. But I think any sell-off here, more likely than not will end up being a buying opportunity.

NET Technical Analysis

Cloudfare is currently in the stratosphere. So really at this point in time, you need to find some type of value, if you can, in order to get involved in this market. I see massive support near the $130 level, but it is pretty far away. So, we’ll have to see.

More likely than not, what we will see eventually is some type of consolidation that the market settles with, as we’ve seen in multiple markets recently. There was a bit of a surprise in the earnings and the revenue part of the call, but really at this point in time, the market probably has priced most of this in, and therefore you’re looking for some type of value.

IONQ Technical Analysis

IonQ has a slightly positive look to it heading into the session as we continue to see a lot of noise. We have not filled this gap yet. So, we could go as high as $49.50 and still have to question what’s going to happen with that gap. Right now, it looks like we are just simply consolidating with the 50-day EMA underneath offering a bit of support. At this point in time, it does look like it’s more of a buy on the dip scenario.