Amazon shares gain for a second straight session on Monday, e-commerce company to launch grocery delivery service in France

Amazon.com Inc (AMZN) was reported to be planning the launch of a grocery delivery service in France. It was in February, when the e-commerce company announced plans to add 2 000 new jobs in Eurozones second largest economy.

Amazon shares closed higher for a second consecutive trading session on Monday. It has also been the sharpest daily surge since February 14th. The stock went up 1.56% ($23.36) to $1,523.61, after touching an intraday high at $1,525.00, or a price level not seen since February 28th ($1,528.70).

In the week ended on March 4th the shares of the e-commerce giant added 0.02% to their market value compared to a week ago, which marked a third consecutive period of gains.

The stock has neutralized earlier losses and is now up 0.74% 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.

“We would very much like to launch this service in France, but everything in its own time. A launch represents an investment”, Frederic Duval, Amazon Frances VP Country Manager, told Journal du Dimanche.

According to Seeking Alpha, Frances Finance Minister Bruno Le Maire has confirmed that “partnerships are under discussions between Amazon and some French groups, notably in the food products sector.”

Meanwhile, French supermarket operator Système U said it had talked with Amazon about a potential supply deal.

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 an 8.30% surge compared to the closing price of $1,523.61 on March 5th.

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 – $1,527.60
R2 – $1,531.58
R3 (Range Resistance – Sell) – $1,535.57
R4 (Long Breakout) – $1,547.52
R5 (Breakout Target 1) – $1,561.49
R6 (Breakout Target 2) – $1,568.33

S1 – $1,519.62
S2 – $1,515.64
S3 (Range Support – Buy) – $1,511.65
S4 (Short Breakout) – $1,499.70
S5 (Breakout Target 1) – $1,485.73
S6 (Breakout Target 2) – $1,478.89

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

Central Pivot Point – $1,494.65
R1 – $1,534.30
R2 – $1,568.34
R3 – $1,607.99
R4 – $1,647.63

S1 – $1,460.61
S2 – $1,420.96
S3 – $1,386.92
S4 – $1,352.87