Amazon is the largest e-commerce site in the world.
What distinguishes this company from other large leaders?
In 1994, Amazon was founded and was known as Amazon Store and it was launched from founder Jeff Bezos’s garage in the American capital, Washington. The Amazon website was officially opened on July 16 of the same year, and the site specialized in selling books at the beginning of its journey. It was the first company which sold books through the internet, has achieved huge sales within one month. Amazon has shipped orders to 50 US states and 45 countries in the world.
In 2002, Amazon began expanding in the field of online sales in various products such as clothing, shoes, musical instruments, and also videos. After the resounding success of the site, and in 2004, the founder of the company, Jeff Bezos, established a private space company called Blue Origin, and the company worked to develop its technologies to provide flights to space.
In 2016, it achieved profits that exceeded the previous Wall Street Journal’s expectations amounting to $29 billion, recording $30 billion thanks to reducing costs on delivering consumer orders and increasing offers. Amazon shone in 2018. The company achieved profits of more than $230 billion, and employed about 650,000 people around the world. In the year 2020, Bloomberg reported that the value of Amazon shares had increased by 12 percent to reach $2,100.
Amazon has a poor technical view with an average setup quality at the moment. The price action was a slightly volatile to find good entry exit points. When analyzing the support level, we can see two important areas. The support is 3220.08 from a horizontal line on the daily time frame. Support area ranging from 2951.95 to 3036.15. This area is made up of a group of multiple trendlines on multiple time frames. In terms of the resistance areas, they range from 3719.34 to 3731.41.
Amazon ranks fifth globally in terms of market capitalization, valued at $1.660 trillion. In 2021, Amazon achieved a growth in earnings per share of 120% over the previous year. During the past 5 years, the average earnings per share was 102%, and this growth is very strong. Amazon’s stock is expected to exponentially grow over the next 5 years if the global leader keeps living up to analyst & investor expectations.
Sources: NASDAQ - Investing.com - Wall Street Journal - MetaTrader 5 Platform
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