Amazon shares gain the most in a week on Wednesday, company approaches Leclerc in relation with logistics partnership

Amazon.com Inc (AMZN) was reported to have approached French supermarket operator Leclerc in relation with a potential logistics partnership. The news came at a time of mounting speculations over what Amazons plans in the supermarket industry were.

Amazon shares closed higher for the fourth time in the past six trading sessions on Wednesday. It has also been the steepest daily surge since September 27th. The stock went up 0.87% ($8.35) to $965.45, after touching an intraday high at $967.63, or a price level not seen since September 21st ($971.70).

In the week ended on October 1st the shares of the e-commerce giant added 0.65% to their market value compared to a week ago, which marked the third gain in the past ten weeks.

The stock has neutralized earlier losses and is now up 0.43% so far during the current month, following a 1.96% decrease in September. The latter has been a second consecutive month of losses.

For the entire past year, the shares of the NASDAQ-listed company gained 10.95%. The stock has advanced 28.75% so far in 2017.

“Yes, we have been approached by Amazon”, Michel-Edouard Leclerc, the head of the French retailer, was quoted as saying by Reuters. “Amazon could – why not? – be our logistics partner”.

Earlier this week French newspaper Le Monde reported that a number of French supermarket operators (Casino, among others) had been approached by Amazon in regard to distribution agreements or local acquisition deals.

There have also been speculations recently that the US group might have interest in acquiring another French supermarket operator – Carrefour.

According to CNN Money, the 39 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 $1,300.00 and a low estimate of $640.00. The median estimate is a 19.12% surge compared to the closing price of $965.45 on October 4th.

The same media also reported that 36 out of 46 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 – $966.69
R2 – $967.94
R3 (Range Resistance – Sell) – $969.18
R4 (Long Breakout) – $972.92
R5 (Breakout Target 1) – $977.28
R6 (Breakout Target 2) – $979.19

S1 – $964.21
S2 – $962.96
S3 (Range Support – Buy) – $961.72
S4 (Short Breakout) – $957.98
S5 (Breakout Target 1) – $953.62
S6 (Breakout Target 2) – $951.71

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

Central Pivot Point – $952.64
R1 – $973.54
R2 – $985.72
R3 – $1,006.62
R4 – $1,027.51

S1 – $940.46
S2 – $919.56
S3 – $907.38
S4 – $895.19