AMAZON RISES ABOVE MA5 ON RATING UPGRADES
Amazon.com Inc. stocks are currently trading at 1694.36-higher by 1.42% as compared to the previous closing price.
In recent news, an investment banking firm, Evercore raised its price target on the online retailer to $1,965 per share from $1,800. The firm said gross profit growth is now the best metric upon which to judge Amazon. Evercore also said that a shifting business mix means that gross profit is likely to grow four percentage points faster than revenue over the next three years.
Previously, the Wall Street Journal reported on Friday that Amazon is planning to open dozens of grocery stores across the United States as it looks to expand in the food business. The report further said that the company is also exploring a strategy of strengthening its new supermarket brand by purchasing regional grocery chains that operate at least a dozen stores.
On the technical front, the RSI is currently at 62.33% and suggests that the market can move in the upward direction. The current price is above the MA5 1655.63). The current price is above the upper band of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 1692 TAKE PROFIT AT 1702 STOP LOSS AT 1687