What The Chart Says Upon Amazon's Split
Amazon stock AMZN had started trading with the split-adjusted price around $125 yesterday. The stock split usually increases the liquidity of the shares making it accessible to more investors who are not comfortable buying pricey stocks.
Also, BofA Global Research has found that splits "historically are bullish" for companies that enact them, with their shares marking an average return of 25% one year later versus 9% for the market overall.
From a technical perspective, Shares of Amazon AMZN advanced 1.99% to $124.79 Monday, however, prices struggled to make it through the $130.00 resistance levels - that represents the double bottom's minimum target - on the daily chart. So, a slight probable pullback is expected to test $122.20 - $119.85 - $119.00 support levels that may serve as an entry points, in order to hit back $130.34 - $135.78 targeted resistance levels.
Also, BofA Global Research has found that splits "historically are bullish" for companies that enact them, with their shares marking an average return of 25% one year later versus 9% for the market overall.
From a technical perspective, Shares of Amazon AMZN advanced 1.99% to $124.79 Monday, however, prices struggled to make it through the $130.00 resistance levels - that represents the double bottom's minimum target - on the daily chart. So, a slight probable pullback is expected to test $122.20 - $119.85 - $119.00 support levels that may serve as an entry points, in order to hit back $130.34 - $135.78 targeted resistance levels.
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