Amazon Price Levels to Watch as Stock Hits Record Highs

55 minutes ago

Amazon (AMZN) shares hit another record high Friday morning, boosting their year-to-date gain to 48%.

Among news developments supporting the strong performance, the tech giant said Tuesday it’s building a supercomputer using its in-house Trainium chips, which will be be used by AI start-up Anthropic. According to a report in The Wall Street Journal, the move positions the company to take on AI favorite Nvidia (NVDA) in the lucrative graphics processing unit (GPU) chip market.

Separately this week, the e-commerce titan reported record sales and number of items sold at the start of the holiday shopping season, with the company saying the majority of sales came from independent sellers.

Amazon’s gains so far in 2024 have handily outpaced the S&P 500’s return of about 28% over the period. The stock was up 2% to $225 in recent trading.

After breaking out from an ascending triangle last month, Amazon shares retested the initial breakout area before moving higher, signaling a continuation of the stock’s longer-term uptrend.

The measuring principle, which calculates the distance between the ascending triangle’s two trendlines and adds that amount to the pattern’s breakout area, forecasts an upside target in the stock of $250.

Investors should watch major support levels on Amazon's chart around $200, $190, and $175.

Read the full technical analysis piece here.

–Timothy Smith

Docusign Soars as Profit Doubles Expectations

2 hr 3 min ago

Docusign (DOCU) shares soared Friday morning, a day after the e-document software provider posted better-than-expected results and raised its guidance as billings and subscription revenue surged.

The company reported third-quarter fiscal 2025 profit of $62.4 million, or $0.30 per share, while analysts surveyed by Visible Alpha projected $30.2 million, or $0.14 per share. Revenue of $754.8 million also beat estimates.

CEO Allan Thygesen said Docusign had "sustained momentum in new customer growth at 11% year-over-year to 1.6 million customers."

The company now sees full-year revenue of $2.959 billion to $2.963 billion, compared to the earlier estimate of $2.940 billion to $2.952 billion.

Docusign shares were up 22% in recent trading, at their highest level since April 2022.

–Bill McColl

Ulta Beauty Levels to Watch After Post-Earnings Surge

3 hours ago

Ulta Beauty (ULTA) shares traded sharply higher in premarket trading Friday after the cosmetics retailer surpassed Wall Street’s earnings expectations and raised its outlook.

The stock sits poised to break above the upper trendline of an ascending triangle after the company’s upbeat quarterly results, setting the stage for a potential upside reversal.

Investors should watch key overhead areas on Ulta Beauty's chart around $435, $465, and $497, while also monitoring a crucial support level near $412.

The stock was up 10% at $432 about ten minutes before Friday's opening bell.

Read the full technical analysis piece here.

–Timothy Smith

Major Index Futures Mixed Ahead of Jobs Data

4 hr 14 min ago

Futures tied to the Dow Jones Industrial Average were down 0.1%.

S&P 500 futures were also off 0.1%.

Nasdaq 100 futures were up fractionally.

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