Amazon Stock Makes Significant Gains
Most noticeable was the US market, but elsewhere Amazon rose in value, producing significant gains for the stock.
Amazon (NASDAQ:AMZN) enjoyed quite a bit of positive attention during the mid-week trading hours around the globe, with the majority of its momentum pushing out from the US markets.
Pressing onward from last week’s closing congestion, Amazon’s price per share was enjoying conservative support at $320 for a low and $337 on the upside. The session actually closed at a higher than forecasted at $346.20, pleasing supportive market makers across the board.
Yesterday the stock pressed on further to break $355.70 and looks to move higher still into the $380 area, a figure reminiscent of March’s marked success for the company. After suffering a downturn where the stock approached $290 near the end of April, the stock rallied following what remained of selling pressure and pressed on passed the $300 range before settling in the area of $310. June 4th signalled the next phase of price action with the stock emerging on strong volume, reinforcing the market makers’ support.
With Bullish momentum firmly established, traders can expect to see further gains for Amazon going into the July 24th earnings release.
The online retailer and distributor is currently valued at $355.90, up 1.46 points or 0.41% since the market’s opening this morning.