Amazon trades at all-time high at 1,914 amid new businesses prospects
InvestingOnline.com
10/08/2018, 04:05Amazon broke above the 1,900 on Thursday session and hit a new all-time high at 1,914 as investors welcomed releases of the new Alexa Auto DSK for developers, new clinics, and Amazon Aurora Serverless.
The giant e-commerce launched the new Alexa Auto DSK platform for cars that includes support for streaming media, smart home control, and weather reports. The DSK is the first release for developers to work on Alexa integration in new cars. Toyota and Panasonic are planning to integrate Alexa for future vehicle systems in the middle term.
Amazon also announced the general availability of the Aurora Serverless. An Amazon service that offers database capacity without the need to provision, scale, and manage any servers.
Amazon closed Thursday off highs at 1,898.52, 0.64% positive on the day. AMZN performed its sixth positive day in the last seven sessions. Since July 3 low at 1,739.30, the unit rose 9% to current levels at 1,900.
Amazon daily chart August 9
Technical conditions and chart pattern for Amazon are suggesting that upward momentum should continue. MACD is confirming that the trend is bullish while the 9-day RSI indicator is showing that the trend is healthy. Moving averages are pointing to the north.
Analysts at The Street Rating considers AMZN as a Buy stock with a target price of 2,408, that would be a 26% increase from today’s close.
The firm highlights that “AMAZON.COM INC reported significant earnings per share improvement in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, AMAZON.COM INC increased its bottom line by earning $6.15 versus $4.91 in the prior year. This year, the market expects an improvement in earnings ($12.44 versus $6.15).”
