Amazon shares rebound on Wednesday, e-commerce giant opens pop-up store in Madrid

Amazon.com Inc (AMZN) said on Wednesday that it had opened its first Spanish pop-up store in an old building located in one of Madrid’s busiest shopping districts, Calle Princesa.

Amazon shares closed higher for the second time in the past ten trading sessions on NASDAQ on Wednesday. It has also been the sharpest daily surge since November 7th. The stock went up 1.42% ($21.27) to $1,516.73, after touching an intraday high at $1,549.00, or a price level not seen since November 19th ($1,581.19).

Shares of Amazon.com Inc have surged 29.69% so far in 2018 compared with a 0.89% drop for the benchmark index, S&P 500 (SPX).

In 2017, Amazon’s stock rose 55.96%, thus, it again outperformed the S&P 500, which registered a 19.42% return.

Styled as a house, the “Casa Amazon” is to offer items for sale ranging from Amazons Echo-branded smart speakers to various products manufactured by companies such as HP, LOreal, Melia, Motorola, Pepsi, Philips, Polar among others.

According to a spokesperson for Amazon, the e-commerce giant intends to open similar stores in Britain, Germany and Italy as well.

In September, Amazon opened a new outlet in New York where customers are enabled to purchase items from the companys website via a smart phone app.

According to CNN Money, the 45 analysts, offering 12-month forecasts regarding Amazon.com Inc’s stock price, have a median target of $2,133.24, with a high estimate of $2,943.30 and a low estimate of $1,900.00. The median estimate represents a 40.65% upside compared to the closing price of $1,516.73 on November 21st.

The same media also reported that 41 out of 47 surveyed investment analysts had rated Amazon.com Inc’s stock as “Buy”, while 1 – as “Hold”.

Weekly Pivot Levels

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

Central Pivot Point – $1,616.16
R1 – $1,685.80
R2 – $1,778.20
R3 – $1,847.84
R4 – $1,917.49

S1 – $1,523.76
S2 – $1,454.12
S3 – $1,361.72
S4 – $1,269.33