Amazon Stock: Darling of Nasdaq has Trouble near $1000. Amazon share is in corrective phase down 10% from the high of 1083. Can we Buy or Sell analysis? It is one of the Darlings of Nasdaq but now facing Strong resistance near $1000. Unable to close above can lead to a deeper correction.
Amazon Stock: Darling of Nasdaq has Trouble near $1000:
AMZN Shares down nearly 10% from the high of 1083 But at the same time Nasdaq Composite Index down Just 2%. Amazon has a Beta value of 1.47 that means it outperforms the index by 0.47% in most cases. Here Amazon underperformed the index heavily which is highly negative for a stock like Amazon. Let’s see the technicals of the Amazon stock.
On the technical front, it has a strong support at $945 It has bounced four times at this price. But this time the height of the fall is high So it must break on the downside. It has a strong resistance near $1000.
Fundamental View of Amazon stock:
Several of the stronger retailers recently reported either progress in e-commerce, store-based sales, and/or the interplay between order online and pickup in store.
Some leading chain results are highlighted, most notably WMT.
This suggests that the more that tomorrow’s investors see these promising data, the less willing they may be to pay up for AMZN shares.
Thus, perhaps a sharp fall in AMZN‘s share price may have begun.
P/E ratio of Amazon stock is at 245.41