Amazon - Expected EPS of $0.79 on revenue of $165.95bn

Taking a look at Amazon ahead of its earnings later in the evening. Currently, its stock is trading at around $158.04 a share and is up just shy of 2% on the day. Based on the daily interval, we can see various support levels below if a sell-off was to occur. First and foremost is the level of $154.40, which was set over the last couple of days. Further below we have $149.95 followed by $143.40. A break below $143.40 would open the possibility of an extended fall to as low as $139.53. However, this would indicate an 11% decline so Amazon would need to report extremely poor earnings along with poor future guidance. To say Amazon’s portfolio is more diversified than that of the tech giants, volatility towards the downside should not be as high compared to others. Though it has been in the past, hence, caution should be in place. Towards the upside, the primary resistance is $162.09, and a close above it would pave the path towards the next key resistance of $170.