What The Chart Says Upon Amazon's SplitAmazon 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.
Amznsplit
AMZN Amazon 20-for-1 Split on Monday, June 6AMZN Amazon was the last giant company which didn`t split its stock.
And the $2510 price was somehow prohibitive for retail investors.
The 20-for-1 Split will be more retail investor friendly and we could play some options at a decent price for AMZN.
Statistically we saw an increase in price of every company that did a stock split so far, so i expect the same for AMZN Amazon.
My price target is $2738 or its split equivalent by the end of next week.
I see an 11.30% upside from here.
Looking forward to read your opinion about it.