Amazon shares fall for a third session in a row on Thursday, Alexa services seen as generating additional $10 billion in sales

Amazons Alexa-related services could generate additional $10 billion to $11 billion in sales in 2020, RBC Capital analyst Mark Mahaney projects. At the same time, the firm maintained its “Outperform” rating and $1,200 price target on the e-commerce companys stock.

Amazon shares closed lower for a third consecutive trading session on Thursday. The stock edged down 0.24% ($2.86) to $1,174.76, after touching an intraday low at $1,167.67, or a price level not seen since December 14th ($1,162.45).

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.

However, due to the recent string of losses, the stock has neutralized earlier advance and is now down 0.17% 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 56.66% so far in 2017.

The RBC analyst made his forecast following the results from Amazons third annual Alexa survey, which hinted at long-term potential.

The poll revealed that the voice assistants awareness had increased to 89% during the past nine months from 77% previously. Additionally, the share of Amazons clients who own the device rose to 15% from 13% in the prior survey.

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 7.26% surge compared to the closing price of $1,174.76 on December 21st.

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 – $1,175.81
R2 – $1,176.87
R3 (Range Resistance – Sell) – $1,177.92
R4 (Long Breakout) – $1,181.09
R5 (Breakout Target 1) – $1,184.78
R6 (Breakout Target 2) – $1,186.33

S1 – $1,173.71
S2 – $1,172.65
S3 (Range Support – Buy) – $1,171.60
S4 (Short Breakout) – $1,168.44
S5 (Breakout Target 1) – $1,164.74
S6 (Breakout Target 2) – $1,163.19

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