AFRM Stock Surges 19%; What to Expect After Quarterly Earnings?

AFRM stock price shot up 19.48% in the last trading session due to the expanded partnership with Amazon. 

The e-commerce giant Amazon announced that its B2B stores will now begin offering buy-now-pay-later lenders at checkout. This service is already available to retail customers. Now, this service will be available to Amazon B2B stores. 

Affirm stock price breakout of the $20.00 hurdle and witnessed a massive surge in the buying volume. It indicates investors liked the recent partnership because it will help affirm to scale up its business. 

In October 2023, AFRM stock price consolidated in the range between $16.00 to $20.00. In the recent upmove, the buyers succeeded in expanding the range upward. It triggered the positive sentiment and fueled a further rally. 

The EMAs of higher and shorter time frames are reversing upward and the price is sustained above it showing the initial phase of the uptrend. 

If the buyers succeed in giving the follow-up momentum, then it may hit new YTD highs by December end. Affirm stock price closed the previous session at $21.04 with an intraday rise of 19.48%. 

Will AFRM Stock Price Breakout of $25 After Earnings?

AFRM stock price needs to hold the $20.00 level in the coming months to get more investors’ participation. 

The quarterly earnings of Affirm Holdings Inc. are scheduled for November 8, 2023. Equity analysts estimated an EPS of -0.645  and revenue of $444.479 Million. 

If the company succeeds in beating the predicted EPS and revenue, then it might fuel the rally in its stock. Moreover, it will also increase the probability of a $25.00 breakout. 

On the other hand, if Affirm disappoints in earnings, then the bears may try to pull the stock price below $20.00. 

Affirm Stock Price Turning Bullish on Multiple Timeframes

Affirm stock price formed a giant bullish candle on the weekly time frame chart. Moreover, it seems that the stock price is turning bullish on the multiple timeframe chart. 

The MACD curve is reversing upward and generating a positive crossover. The histogram bar turned green which shows the strength in the recent up move. The supertrend tells investors if the stock price breaks out of the $21.50 hurdle, then more upside may be seen. 

Conclusion

AFRM stock price surged 19% in a single day due to a partnership in Amazon’s B2B stores. 

Moreover, the quarterly earnings are scheduled for next week. Due to this, the volatility in the Affirm stock may rise. The analysis suggests that the Affirm stock price is in the bulls’ grip and more upside is pending. 

Technical Levels

• Resistance levels: $25.65 and $27.50
• Support levels: $15.96 and $12.80

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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