Amazon shares close lower on Tuesday, company seen as “potential customer” by Textron aviation head

Amazon.com Inc is viewed as a “potential customer” amid continuing boom in e-commerce and rising demand for freight and transport, the head of Textron Incs aviation business said for CNBC yesterday.

Amazon shares closed lower for the fourth time in the past eleven trading sessions on Tuesday. The stock edged down 0.19% ($2.23) to $1,193.60, with the intraday high and the intraday low being at $1,205.25 and $1,188.86 respectively.

In the week ended on November 26th the shares of the e-commerce giant added 4.97% to their market value compared to a week ago, which marked a fifth consecutive period of gains.

Due to yesterdays dip, the stock has pared its advance to 7.99% so far during the current month, following a 14.97% surge in October. The latter has been the best monthly performance since October 2015.

For the entire past year, the shares of the NASDAQ-listed company rose 10.95%. The stock has gained another 59.17% so far in 2017.

“We see the whole freight industry as something that is going to double in the next 15 years, so we are investing in that market”, Scott Ernest, Textron aviation CEO, was quoted as saying by Reuters.

Companies operating in the logistics industry have registered a tremendous growth in e-commerce packages during the past ten years, with activity being exceptionally high during the holiday shopping season.

Textron Inc manufactures the Cessna and Beechcraft jets and also provides services to the Hawker business jet brand.

According to CNN Money, the 41 analysts, offering 12-month forecasts regarding Amazon.com Inc’s stock price, have a median target of $1,250.00, with a high estimate of $1,430.00 and a low estimate of $980.00. The median estimate is a 4.73% surge compared to the closing price of $1,193.60 on November 28th.

The same media also reported that 37 out of 46 surveyed investment analysts had rated Amazon.com Inc’s stock as “Buy”, while 4 – as “Hold”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Amazon stock are presented as follows:

R1 – $1,195.10
R2 – $1,196.60
R3 (Range Resistance – Sell) – $1,198.11
R4 (Long Breakout) – $1,202.61
R5 (Breakout Target 1) – $1,207.88
R6 (Breakout Target 2) – $1,210.06

S1 – $1,192.10
S2 – $1,190.60
S3 (Range Support – Buy) – $1,189.09
S4 (Short Breakout) – $1,184.59
S5 (Breakout Target 1) – $1,179.32
S6 (Breakout Target 2) – $1,177.14

By using the traditional method of calculation, the weekly levels of importance for Amazon.com Inc (AMZN) are presented as follows:

Central Pivot Point – $1,165.13
R1 – $1,207.71
R2 – $1,229.42
R3 – $1,272.00
R4 – $1,314.58

S1 – $1,143.42
S2 – $1,100.84
S3 – $1,079.13
S4 – $1,057.42