Canadas Prime Minister Justin Trudeau is expected to meet Jeff Bezos, Amazons Chief Executive Officer, today during his visit to three major US cities, which is aimed to provide more support for the currently re-negotiated North American Free Trade Agreement. The meeting will take place in San Francisco.
Amazon shares closed lower for the third time in the past ten trading sessions on Wednesday. The stock went down 1.81% ($26.06) to $1,416.78, after touching an intraday high at $1,460.10, or a price level not seen since February 2nd ($1,498.00).
In the week ended on February 4th the shares of the e-commerce giant added 1.99% to their market value compared to a week ago, which marked a second consecutive period of gains.
However, due to yesterdays slump, the stock has extended its loss to 2.35% so far during the current month, following a 24.06% surge in January. The latter has been the best monthly performance since September 2010.
For the entire past year, the shares of the NASDAQ-listed company rose 55.96% following another 10.95% surge in 2016.
During his US visit, Justin Trudeau is to meet also eBay Incs CEO Devin Wenigother as well as other tech executives.
Meanwhile, Amazon is currently looking for a location to establish a new, second headquarters. The company has already listed 20 cities, 19 of which are located across the United States and only one in Canada – Toronto. Among the US locations on Amazons list are New York, Boston and Chicago.
Amazon is expected to decide on its second headquarters location this year.
The company has already pledged to invest as much as $5 billion and add 50 000 jobs at the location it selects.
According to CNN Money, the 43 analysts, offering 12-month forecasts regarding Amazon.com Inc’s stock price, have a median target of $1,400.00, with a high estimate of $1,800.00 and a low estimate of $980.00. The median estimate is a 1.18% decrease compared to the closing price of $1,416.78 on February 7th.
The same media also reported that 39 out of 48 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 – $1,420.75
R2 – $1,424.73
R3 (Range Resistance – Sell) – $1,428.70
R4 (Long Breakout) – $1,440.63
R5 (Breakout Target 1) – $1,454.56
R6 (Breakout Target 2) – $1,460.14
S1 – $1,412.81
S2 – $1,408.83
S3 (Range Support – Buy) – $1,404.86
S4 (Short Breakout) – $1,392.93
S5 (Breakout Target 1) – $1,379.00
S6 (Breakout Target 2) – $1,373.42
By using the traditional method of calculation, the weekly levels of importance for Amazon.com Inc (AMZN) are presented as follows:
Central Pivot Point – $1,437.70
R1 – $1,490.25
R2 – $1,550.56
R3 – $1,603.11
R4 – $1,655.67
S1 – $1,377.39
S2 – $1,324.84
S3 – $1,264.53
S4 – $1,204.23
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
