Whilst it might be considered fairly standard practice for large companies such as Amazon to purchase startup companies on a continual basis, Amazon has acquired over 128 disparate firms from various markets, making it somewhat of a collector of new technologies and emerging companies.
Some of its most notable acquisitions include: IMDb – the online database that ranks movies and TV shows, together with, Audible – a producer and seller of various audio content which includes, but is not limited to, audiobooks, radio programs and educational content.
Recently, Amazon added pharmaceutical start-up ‘PillPack’ to its portfolio, meaning that the company has now begun its move into the highly profitable pharmaceutical industry. This will most likely not be its only acquisition within this market moving forward, but it’s an interesting addition when you consider that most of their previous acquisitions have been tech-based, or from online entertainment service providers.
This is of course an exciting prospect if you are considering purchasing stocks in Amazon, as the prices might be set to skyrocket in the future. So with that in mind, let’s take a look at how Amazon is currently performing.
Ascending Trend Line Cues for Uptrend Continuation
Source: #AMZN, H8 chart, Admiral Markets MT5 with MT5 Add-on, Jun 2018
The #AMZN share price is in a clear uptrend. We can see the ascending trend line marking the bullish trend, and there is still room for further upside. The breakout above 1630 has marked an essential order block, and we also see the Point Of Confluence for a potential bounce. The POC zone 1627-1663 should provide an additional bounce in the case of retracement. Targets are 1738, 1774 and 1813. A candle close above 1815 suggests 1841 and 1925.
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This material does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not reliable indicator for any current or future performance as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks.