Amazon shares gain the most in two months on Wednesday, company to open a new warehouse in Mexico

According to a post by Reuters, Amazon.com Inc (AMZN) intends to open a 1 million square-foot warehouse in proximity to Mexico City, while its construction is expected to be finalized in 2018. This new facility is to triple Amazons distribution space in the North American state.

Amazon shares closed higher for a third consecutive trading session on Wednesday. It has also been the steepest daily surge since July 10th. The stock went up 1.73% ($17.02) to $999.60, after touching an intraday high at $1,000.00, or a price level not seen since August 2nd ($1,003.21). In the week ended on September 10th the shares of the e-commerce giant lost 1.26% of their market value compared to a week ago, which marked the sixth drop in the past seven weeks. The stock has extended its advance to 1.94% so far during the current month, following a 0.73% decrease in August. The latter has been the second loss out of eight months, but yet, the smallest one since December 2016. For the entire past year, Amazon shares gained 10.95%. The stock has advanced 33.30% so far in 2017.

Amazons decision comes amid NAFTA negotiations, which could result in the United States lifting the value limit on duty-free imports above the $50 level that is presently permitted for purchases made on-line.

According to CNN Money, the 37 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 15.05% surge compared to the closing price of $999.60 on September 13th.

The same media also reported that 34 out of 44 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 – $1,001.49
R2 – $1,003.37
R3 (Range Resistance – Sell) – $1,005.26
R4 (Long Breakout) – $1,010.91
R5 (Breakout Target 1) – $1,017.52
R6 (Breakout Target 2) – $1,020.59

S1 – $997.71
S2 – $995.83
S3 (Range Support – Buy) – $993.94
S4 (Short Breakout) – $988.29
S5 (Breakout Target 1) – $981.68
S6 (Breakout Target 2) – $978.61

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

Central Pivot Point – $968.95
R1 – $977.54
R2 – $989.17
R3 – $997.76
R4 – $1,006.34

S1 – $957.32
S2 – $948.73
S3 – $937.10
S4 – $925.46