AMAZON IN TALKS FOR STAKE IN GO-JEK; STOCK EDGES DOWN
Amazon is currently trading at 1,760.58-lower by 0.071% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 0.43%. The stock has erased some of its earlier losses after the opening bell.
According to market sources, the e-commerce giant is in early talks with Go-Jek Group to buy a stake in the Indonesian ride-hailing startup. The Indonesian ride-hailing startup has up to 20 services. Earlier this year, the e-commerce giant bought a stake in Britain’s online food delivery company Deliveroo. Amazon reported its second-quarter earnings in July. The company’s revenue was above expectations but EPS fell short of consensus estimates.
On the technical front, the current price is below the MA5. The RSI is currently at 39.44% and suggests that the market can continue trading sideways. The %K has crossed the %D from above to the downside at around 51% and suggests that the market can move in the downward direction.
TRADE SUGGESTION- LIMIT SELL AT 1767 TAKE PROFIT AT 1757 STOP LOSS AT 1772