Amazon.com Inc (NASDAQ:AMZN) is trading up 1.04% at 3366.24

E-commerce giant Amazon.com Inc (NASDAQ:AMZN) started to offer its Brazilian Prime subscribers free one-day delivery in 50 cities on Wednesday, amid fierce market competition in Latin America’s largest economy.

The move comes as rivals such as MercadoLibre (NASDAQ:MELI) and Magazine Luiza are investing heavily to ramp up delivery speeds and gain clients.

The Amazon initiative, which already exists for Prime subscribers in markets across the United States, Canada and the United Kingdom, arrives two years after Prime was first launched in Brazil. Previously, Prime users in Brazil had access to free two-day shipping with the option of paying extra for one-day delivery.

“In the last year, we’ve developed better infrastructure especially in the country’s capital cities with new distribution centres, and this is what helped make one-day delivery possible,” Mariana Roth, head of Amazon Prime in Brazil told Reuters in an interview.

E-commerce competition is steep in Brazil, home to an estimated 105 million e-commerce shoppers. Amazon ranked fourth in the country in terms of monthly website visits, trailing behind regional and domestic competitors MercadoLibre, Americanas and SoftBank-backed OLX, according to a ranking compiled by payments company Ebanx.

On technical fronts Amazon.com Inc (NASDAQ:AMZN) RSI stood at 36.75 and currently stock is trading below all Moving Average. So, SELL position can be taken with following target and stoploss:

TRADE SIGNAL – : Amazon.com Inc (NASDAQ:AMZN) – SELL: 3366.24, TARGET: 3297.22, STOP LOSS : 3408.71