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Amazon’s stock is currently trading at 1,717.08-higher by 1.65% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 4.19%. The stock has pared some of its earlier gains after the opening bell.
The e-commerce giant disclosed on Monday that it is hiring an additional 100,000 workers in the United States to meet the rise in demand from online shopping amid the China-linked virus outbreak. Amazon will recruit for extra full-time and part-time positions for warehouse and delivery workers. The company will hike pay for these workers by $2 per hour in the US and about 2 euros in many European countries by the end of the next month.
The e-commerce giant encouraged people in other industries whose jobs were lost due to a virus epidemic to apply. The move comes as the pneumonia-causing virus has continued to worsen. As of Monday, there were around 4,281 confirmed cases of the China-linked virus in the US. The online retailer has been hit with a wave of delivery delays. On the weekend, the company said some popular items in the household staples categories were out of stock. Stocks of Amazon have fallen 2.47% Year-to-date.
On the technical front, the RSI is currently at 36.53% and suggests that the market can move in the upward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger Bands but is heading upwards.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION- LIMIT BUY AT 1710 TAKE PROFIT AT 1740 STOP LOSS AT 1700