Amazon shares close lower on Wednesday, company’s acquisition of Whole Foods cleared by the FTC

Amazon.com Incs (AMZN) intended acquisition of Whole Foods Market Inc for $13.7 billion has been cleared by the US Federal Trade Commission, the regulator said on August 23rd.

Amazon shares closed lower for the sixth time in the past nine trading sessions on Wednesday. The stock went down 0.92% ($8.90) to $958.00, after touching an intraday low at $954.25, or a price level not seen since August 21st ($945.46). In the week ended on August 20th the shares of the e-commerce giant lost 0.98% of their market value compared to a week ago, which marked a fourth consecutive period of decrease. The stock has extended its loss to 3.01% so far during the current month, following a 2.04% surge in July. The latter has been the sixth gain out of seven months, but yet, the smallest one since August 2016. For the entire past year, Amazon shares rose 10.95%. The stock has advanced 27.76% so far in 2017.

In a statement, the FTC announced it had reviewed if the acquisition would lead to considerably lower competition or constitute an unfair method of competition, while deciding not to deepen its investigation.

It was also on August 23rd, when Whole Foods Market Inc said the proposed sale to Amazon had been approved by its shareholders.

The deal would grant the worlds largest on-line retailer access to the $700 billion grocery market in the United States, as well as to hundreds of brick-and-mortar stores where its products and ready packages for home delivery could be presented.

According to CNN Money, the 36 analysts, offering 12-month forecasts regarding Amazon.com Inc’s stock price, have a median target of $1,150.00, with a high estimate of $1,275.00 and a low estimate of $640.00. The median estimate is a 20.04% surge compared to the closing price of $958.00 on August 23rd.

The same media also reported that 33 out of 43 surveyed investment analysts had rated Amazon.com Inc’s stock as “Buy”, while 5 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

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 – $958.70
R2 – $959.40
R3 (Range Resistance – Sell) – $960.09
R4 (Long Breakout) – $962.19
R5 (Breakout Target 1) – $964.63
R6 (Breakout Target 2) – $965.64

S1 – $957.30
S2 – $956.60
S3 (Range Support – Buy) – $955.91
S4 (Short Breakout) – $953.81
S5 (Breakout Target 1) – $951.37
S6 (Breakout Target 2) – $950.36

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

Central Pivot Point – $968.29
R1 – $981.92
R2 – $1,005.38
R3 – $1,019.01
R4 – $1,032.65

S1 – $944.83
S2 – $931.20
S3 – $907.74
S4 – $884.29