Coinspeaker
Amazon Stock Up 0.80%, AMZN Is on Verge of Breaking Out From Its Month Long Consolidation

Amazon.com Inc (NASDAQ: AMZN) stock has been one of the biggest beneficiaries of the ongoing coronavirus but at the same time facing challenges here and there. The stock has scaled high to trade to an all-time high, and the race is likely to continue if the conditions prevail for long.

Today, Amazon (AMZN) stock is 0.79% up, trading at $3,172.81.

However, in the past month, Amazon shares have been consolidating around $3176 in what seems like a horizontal triangle.

Based on technical and fundamental analysis, Amazon shares are on the verge of a possible breakout. A huge chunk of Amazon investors feels confident that the Jeff Bezos-led team can deliver even much better sales in the coming quarters.

This comes even after the company is facing challenges with different jurisdictions on its market dominance issue. Starting with its home country, the United States, Amazon is being accused of controlling the market in its favor due to the huge market dominance, hence killing other competitors.

Earlier this month, Jeff Bezos was among the top four American tech CEOs who were grilled by the U.S. Senate Committee due to its market dominance.

The situation has been trickling down to other global countries where the company has its business. However, in the United Kingdom, it was recently given the final green light to purchase around 16% of Deliveroo to save it from failing.

With around $1.6 trillion market capitalization, Amazon is capable of purchasing competitors and mostly those startups that pose a direct threat to its business. As a result, concerned regulators are worried the company might be killing other small businesses despite the company offering cheap and competitive prices.

In Germany, the authorities announced an investigation into Amazon’s core business by focusing on the company’s relationship with third-party sellers who use its website.

“We are currently investigating whether and how Amazon influences how traders set prices on the market-place,” said Andreas Mundt, President of the Federal Cartel Office.

“Amazon must not be a controller of prices,” he explained, adding that the company had responded to his office’s requests for information and the replies were being looked over and examined.

Although not a call for alarm on the Amazon investors to short the shares at the current market price, it is an indicator the company is facing challenges to expand its global business.

Elsewhere, over the span of just two days in August, Amazon’s boss sold off $3.1 billion worth of his Amazon shares through a prearranged 10b5-1 trading plan.

Amazon Stock Up 0.80%, AMZN Is on Verge of Breaking Out From Its Month Long Consolidation

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