AMZN
Technical outlook
Bullish scenario
Currently Amazon is testing 3230 which is one of the most crucial levels of resistance on the chart. If the level is breached and the price closes above it then the bulls will step in more aggressively and we could see 3340 level within days.
Bearish scenario
If the price falls and closes below 3140 level on a daily basis a short-term down trend will be adopted from the bears. The first target for them should be 3080 and then 3000 round number.
Fundamentals
In terms of fundamentals we have couple of key points:
- It is Christmas time and usually a people using more and more online stores. This is multi yearly trend and now with the Covid-19 situation online presents purchasing will be huge.
- Amazon is the biggest and stronger player in its sector and will be preferred from the most of the so called “Smart money”.
- The company also manufactures and sells electronic devices.
- The company diversify hugely in web solutions including machine learning, analytics and data lakes, Internet of Things, serverless computing, containers, enterprise applications, and storage.
Technical outlook
Bullish scenario
Currently Amazon is testing 3230 which is one of the most crucial levels of resistance on the chart. If the level is breached and the price closes above it then the bulls will step in more aggressively and we could see 3340 level within days.
Bearish scenario
If the price falls and closes below 3140 level on a daily basis a short-term down trend will be adopted from the bears. The first target for them should be 3080 and then 3000 round number.
Fundamentals
In terms of fundamentals we have couple of key points:
- It is Christmas time and usually a people using more and more online stores. This is multi yearly trend and now with the Covid-19 situation online presents purchasing will be huge.
- Amazon is the biggest and stronger player in its sector and will be preferred from the most of the so called “Smart money”.
- The company also manufactures and sells electronic devices.
- The company diversify hugely in web solutions including machine learning, analytics and data lakes, Internet of Things, serverless computing, containers, enterprise applications, and storage.