Amazon shares close lower on Tuesday, company said to be negotiating a deal with Casino over Via Varejo chain

According to a report by Reuters, citing a person with knowledge of the matter, Amazon.com Inc and Casino Guichard Perrachon SA are currently in negotiations over a potential partnership or sale of the French retailer’s appliance and electronics chain in Brazil. Negotiations come after an agreement between the two entities, which involves the sale of groceries from Casino’s upmarket Monoprix through Amazon.

Amazon shares closed lower for the seventh time in the past nine trading sessions on Tuesday. The stock went down 3.78% ($58.81) to $1,497.05, after touching an intraday low at $1,483.77, or a price level not seen since March 5th ($1,481.00).

In the week ended on March 25th the shares of the e-commerce giant lost 4.84% of their market value compared to a week ago, which marked a second consecutive period of decrease. It has also been the worst performance since the week ended on February 11th.

The stock has neutralized earlier advance and is now down 1.02% so far during the current month, following a 4.24% surge in February. The latter has been a second straight month of gains.

For the entire past year, the shares of the NASDAQ-listed company rose 55.96% following another 10.95% surge in 2016.

According to the source, the two companies could structure the deal either as a partnership or as an outright sale of Casinos Via Varejo chain where over 900 stores in Brazil are included.

The negotiations may help Amazon to accelerate its expansion into the largest market in South America. The e-commerce giant has entered the highly competitive and complex on-line retail market in Brazil at a slow pace. It began with e-book sales in 2012, followed by the addition of physical books in 2014, while in October last year Amazon also initiated third-party sales of electronics.

According to CNN Money, the 41 analysts, offering 12-month forecasts regarding Amazon.com Inc’s stock price, have a median target of $1,650.00, with a high estimate of $1,850.00 and a low estimate of $980.00. The median estimate is a 10.22% surge compared to the closing price of $1,497.05 on March 27th.

The same media also reported that 38 out of 47 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 – $1,505.49
R2 – $1,513.94
R3 (Range Resistance – Sell) – $1,522.38
R4 (Long Breakout) – $1,547.71
R5 (Breakout Target 1) – $1,577.30
R6 (Breakout Target 2) – $1,589.98

S1 – $1,488.61
S2 – $1,480.16
S3 (Range Support – Buy) – $1,471.72
S4 (Short Breakout) – $1,446.39
S5 (Breakout Target 1) – $1,416.80
S6 (Breakout Target 2) – $1,404.12

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

Central Pivot Point – $1,526.97
R1 – $1,558.59
R2 – $1,621.61
R3 – $1,653.23
R4 – $1,684.84

S1 – $1,463.95
S2 – $1,432.33
S3 – $1,369.31
S4 – $1,306.28