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Amazon’s stock is currently trading at 2,469.99-higher by 1.13% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 0.03%. The stock has continued gaining after the opening bell.
Investment bank Morgan Stanley raised its price target on the company’s stocks to $2,800 per share from $2,600 a share. The investment bank, however, reiterated an overweight rating on stocks of the e-commerce giant. Morgan Stanley’s price target represents an upside of about 15% from the stock’s previous closing price.
The investment bank raised the price target of the company saying it expects faster forward growth for the e-commerce giant even if overall consumer spending declines. Morgan Stanley also hiked its earnings estimates for the e-commerce giant. The investment bank also said that this year is setting up to be an e-commerce inflection year as the combination of shelter-in-place, government stimulus, and lower spend on experiences have driven dollars online. Stocks of Amazon have rallied around 34% so far in 2020.
On the technical front, the RSI is currently at 61.83% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
Overall Bias is Positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
TRADE SUGGESTION- LIMIT BUY AT 2,462 TAKE PROFIT AT 2,480 STOP LOSS AT 2,453