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Amazon Stock: Darling of Nasdaq has Trouble at $1000

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                 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.

Amazon Stock: Darling of Nasdaq has Trouble near $1000

                                           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

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