Saturday, 18 April 2020

Amazon Thank You Coronavirus: AMZN is at All-Time Highs

By Deya Hroob

amazon share

Amazon's shares led the NASDAQGS gainers with a relatively large price hike in the past couple of weeks.


 It was at $2,190 before the virus, it dropped to $1,636 during the virus, and now it is at $2,400.


 According to the weekly chart, the price easily broke out the trend line. It also respected the long term uptrend line and bounced back sharply from it.
Weekly Chart Of Amazon

Fundamentally,  according to SimplyWall.St analysis Earnings are forecast to grow 25.45% per year
 and  Earnings have grown 60.1% per year over the past 5 years

Is Coronavirus blamed for this surge?

Virus restrictions push people all around the world to go more online so Amazon specifically gained from that. Moreover, the company recently announced hiring 75,000 employees, which sound very confident, especially in contrast to the dull economic outlooks voiced around.

Don't forget that IT sector of the S&P is generally doing well and probably is among the best sectors in these times.

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