Amazon to report this evening

Amazon will report its first-quarter results for 2014 at 9pm (London time). The market is expecting earnings per share (EPS) of $0.77 and revenue of $19 billion.

Amazon is trading at 32,578, up 0.3%, after the tech sector was dragged higher by the positive results from Apple last night.

In January the company revealed fourth-quarter EPS of $0.51 and revenue of $25.58 billion, both were below expectations, tiggering a selloff in the share price. Even though the online retailer posted a profit $239 million, traders focused on the fact that it had missed expectations.

The share price is down over 15% since its last earnings update in January, but it has managed to pull back some of the ground it lost recently. However, we are still a long way from the 40,000 mark it was above at the start of the year.

The online retailer's share price is currently below the 200-day moving average of 34,274, which is a bearish signal. If the results exceed estimates we could target the 200-DMA of 34,274; in the event they are poor we could head towards the recent low of 30,553.

Amazon chart

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