Amazon stock makes fresh record highs as technologies stocks are on the bid for one more day with Nasdaq also making fresh all-time highs. Amazon announced that it is creating a $2 billion venture-capital fund focused on technology to reduce the impact of climate change. Amazon set a goal to meet the Paris Climate agreement objectives ten years early, with a target to be carbon neutral by 2040.
Amazon trades at 129 times earnings, making it the most expensive choice between its peer group. Alibaba is trading with a P/E ratio at 29.5 while Costco trades with a P/E ratio at 35.73. Walmart is trading at 24.38 times earnings, while the Target Corp price to earnings ratio stands at 22.42.
Amazon Price to Sales ratio stands at 3.28 well above the industry average of 0.39, while the S&P 500 P/S ratio stands at 1.02. In terms of price to book ratio, Amazon stands at 20.64, while S&P 500 P/B ratio is at 9.53.
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Amazon is 2.45% higher at 2,780, as the bulls driving the share to fresh all-time highs. Now Amazon has entered the overbought territory, and a correction can’t be ruled out.
On the upside, the first resistance stands at 2,780 the daily top and new record high. In case the AMZN stock breaks higher, then the next resistance would be met at 2,900 psychological mark.
On the other hand, initial support for Amazon stock will be met at 2,718 the daily lows. A move below might test the next support zone at 2,671 the low from June 22. More bids might emerge at 2,574 the low from June 16.