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Amazon stock hovers close to all-time highs after the company launched a shopping website in Saudi Arabia, reiterating its continued business interests in the country despite the recent conflict between Riyadh and Bezos. Amazon also announced that it would hire 3,000 people in South Africa to provide support to clients in North America and Europe. The new staff will provide 24-hour assistance to customers. Amazon Web Services (AWS) is also planning to launch the first data centre operations in Cape Town. Amazon is improving its online services to satisfy the excess demand that came with the coronavirus lockdown and making preparations for the second wave of coronavirus. Online shopping has accelerated during the COVID-19 lockdown benefiting Amazon, Walmart, Etsy, and eBay, and also the online entertainment providers. Amazon also announced a significant expansion in its fleet as the online orders volumes explode. The leases of air cargo modified Boeing 767-300 will increase the company's number of available aircraft from 70 to 82. Amazon is also planning to establish three new air hubs, one in Florida, another in Kentucky, and a third in California. Amazon Will Report Q2 Earnings on July 23 Amazon is expected to report EPS of $1.74, down 66.67% from the previous year quarter. Revenue is projected at $80.79 billion, up 27.42% from last year same period. The last quarter Amazon reported earnings at 5.01/share below the analyst's expectations and revenue was at 75.45 billion. For the full year, analysts are expecting EPS of $20.03 per share and revenue of $348.21 billion. Looking at the fundamentals, the forward P/E ratio stands at 128.48 and the book value at 119.35. The PEG ratio stands at 5.20. Download our Q2 Market Global Market Outlook Amazon Analysis Amazon is 0.30% higher at 2,648, as the stock keeps the positive momentum above the rising trendline that started from March 16 lows. The technical outlook is bullish for Amazon share price and an attempt to record highs is possible. On the upside, initial resistance stands at 2,659 the daily top. In case the AMZN stock breaks higher, then the next resistance would be met at 2,662 the high from June 11, which will open the way for a test of the all-time highs at 2,722. On the other side, first support for Amazon will be met at 2,636 the daily lows. A break below might test the next support zone at 2,575 the low from June 16th. More bids might emerge at 2,506 the low from June 15.

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