Amazon shares gain for a third session in a row on Monday, French government files complaint against company over dominant position abuse

According to a report by French newspaper Le Parisien on Monday, a complaint has been filed by Frances government with the Paris Commerce Court against Amazon.com Inc (AMZN), which accused the company of abusing its dominant position with local suppliers. A representative from the Economy Ministry confirmed the information, but did not disclose more details.

Amazon shares closed higher for a third consecutive trading session on Monday. The stock went up 0.97% ($11.44) to $1,190.58, after touching an intraday high at $1,194.68, or a price level not seen since November 29th ($1,194.80).

In the week ended on December 17th the shares of the e-commerce giant added 1.48% to their market value compared to a week ago, which marked the sixth gain out of eight weeks.

The stock has extended its advance to 1.18% so far during the current month, following a 6.47% surge in November. The latter has been a second straight month of gains.

For the entire past year, the shares of the NASDAQ-listed company rose 10.95%. The stock has gained another 58.77% so far in 2017.

The French Ministry of Economy is imposing a fine of EUR 10 million against the e-commerce company, the document revealed.

Local companies, that use Amazons platform in order to sell their wares, may have their contract terms changed unilaterally by Amazon or even have their contracts suspended.

“The platform imposes unbalanced relations to its vendors”, Loic Tanguy of DGCCRF said for Le Parisien.

According to CNN Money, the 44 analysts, offering 12-month forecasts regarding Amazon.com Inc’s stock price, have a median target of $1,260.00, with a high estimate of $1,525.00 and a low estimate of $980.00. The median estimate is a 5.83% surge compared to the closing price of $1,190.58 on December 18th.

The same media also reported that 40 out of 49 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 – $1,191.83
R2 – $1,193.08
R3 (Range Resistance – Sell) – $1,194.34
R4 (Long Breakout) – $1,198.09
R5 (Breakout Target 1) – $1,202.48
R6 (Breakout Target 2) – $1,204.35

S1 – $1,189.33
S2 – $1,188.08
S3 (Range Support – Buy) – $1,186.82
S4 (Short Breakout) – $1,183.07
S5 (Breakout Target 1) – $1,178.68
S6 (Breakout Target 2) – $1,176.81

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

Central Pivot Point – $1,172.96
R1 – $1,188.93
R2 – $1,198.71
R3 – $1,214.68
R4 – $1,230.64

S1 – $1,163.18
S2 – $1,147.21
S3 – $1,137.43
S4 – $1,127.64