AMAZON.COM INC. - Workforce strikes come at a dangerous time for Amazon - 02/02/2023 (GMT)

Amazon.com, Inc.  (symbol ‘AMZN’) is still trading at a loss compared to the beginning of the last quarter of the year and is currently at 12% loss. The company’s earnings report for the fiscal quarter ending December 2022 is set to be released on Thursday 2nd of February, after market close. The consensus EPS for Q4 is $0.17 compared to Q4 2021’s $1,39.  ‘The e-commerce giant is facing the first ever UK warehouse workers strike which is expected to increase delays in the delivery of products and possibly affect the share price if the strikes escalate. This comes after the massive layoff of around 18,000 workers in 2022 while company officials stated that the cuts are not part of cost reducing measures but more of efficiency improvement.’ said Antreas Themistokleous at Exness: ‘Even though EPS is lower than the respective one of Q4 in 2021 its is at an average compared to previous 2022 quarters. Only thing remaining now is to see if there will be a significant surprise on the actual EPS and how it would affect the share price’ 

  From the technical point of view the stock has performed poorly over the last quarter but is on the move to gain back some of those losses. The price made continuous closures above the daily bearish trendline and is currently finding resistance on the 23.6% of the Fibonacci retracement level. 
  If the price manages to break above the strong psychological resistance of the $100 mark we could expect a bullish continuation with a first point of resistance around the $106 price area which consists of the 38.6% of the daily Fibonacci retracement level and also an inside resistance level since mid October 2022.   In the case of the bears being stronger of the bulls and the price resumes the overall bearish movement we could see some support around the $90 which is made up of the 20 and 50 moving averages and also an inside support since late November.