AMAZON REPORTS RECORD HOLIDAY SEASON, STOCK TARGETING MA5

Amazon is currently trading at 1378.20-higher by 3.15% as compared to the previous closing price. In the Premarket trading session, the stock was trading higher by 1.6%. The stock has continued rising after the opening bell.

The e-commerce giant announced today that customers across the world ordered more items than ever from the company this holiday season.

The company disclosed millions of people signed up this season for free trials or paid memberships for Amazon Prime. Amazon said that it sold millions more of its own devices, including the Echo Dot and Fire TV Stick 4K, compared with last year. The e-commerce giant further said it also sold a record number of smart home devices like the Amazon Smart Plug, Ring Video Doorbell 2 and the iRobot Roomba 690.

The company also said that people used its voice assistant, Alexa for shopping three times as much as in 2017. Amazon’s Alexa was the most popular app in the U.S. on Apple’s App Store on Wednesday.

On the technical front, the RSI is currently at 32.82% and suggests that the market can move in the upward direction. The current price is below the MA5 (1409.70). The current price is below the middle line of the Bollinger Bands but is heading upwards.

Overall Bias is Positive and Short-term trades can be initiated with tight Stop Loss and Take Profit targets.

 

TRADE SUGGESTION- LIMIT BUY AT 1365 TAKE PROFIT AT 1390 STOP LOSS AT 1352

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