By: Stephanie Brown
Amazon.com, Inc. (NASDAQ:AMZN) believes this holiday season will be one of the best it has ever experienced as Black Friday already gave the e-commerce giant a clear indication of what to expect. It recorded impressive sales results in the U.K, just only four years after the event was launched.
The company reports that it surpassed all expectations on this year’s Black Friday sales and is looking forward to performing even better on Cyber Monday. It reportedly registered record orders, amounting to 5.5 million or 64 items sold per second.
Black Friday sales continue to grow with each passing year, surpassing all of its targets. Amazon recorded record sales in last year’s Black Friday extravaganza, with more than 4 million items sold. It was soon surpassed by Cyber Monday, with sales coming in at a record 4.1 million at a rate of 47 items per second being sold. Vice President for EU Retail Amazon, Xavier Garambois has already indicated that this year’s sales should provide even greater results.
All online retailers are gearing up for Cyber Monday, which is known as busiest shopping day of the year, with consumers doing their Christmas shopping. Online sales continue to achieve greater results, much to the disappointment of brick and mortar store sales.
Technical Analysis
Amazon’s volumes increased marginally in Friday’s trading session, with the stock closing in the green zone, above its 20-Day EMA of $322.63. Moving ahead, it appears poised to continue ride the high-demand wave, which started on Black Friday. This can potentially push the stock up to $350 in the short-term.
Actionable Insight
Buy Amazon.com, Inc. (NASDAQ:AMZN) above $341.5 for target of $345 and $350, with a stop-loss of $339.70.
