Amazon (NASDAQ: AMZN) stock has caught the attention of many traders and investors. The stock has dramatically outperformed all its peers in the Retail-Wholesale industry. One way to rate Amazon’s performance over its peers is by looking at its year-to-date data compared to that of its competitors.
The Retail-Wholesale consists of 216 distinctive stocks and is ranked as the #4 industry on “Zacks Rank.” This ranking enterprise is a trusted system that analyzes earnings performances.
It also highlights stocks that seem to have a higher likelihood of outperforming the market over the next few months. AMZN stock is currently ranked as the 2nd most buy-worthy stock on Zacks Rank.
According to the Zacks Consensus Estimate, AMZN’s full-year earnings have risen by 4.16%, which is a good signal that the market sentiment towards this stock is improving and is more positive.
Also, AMZN has recorded a 1.79% move on a year-to-date basis. Meanwhile, the Retail-Wholesale industry has dropped by a staggering 16.31% on a year-to-date basis.
This is a clear representation of how well AMZN is performing and is expected to perform against the industry in the 2020 calendar year.
AMZN Technical Perspective Bullish
On a technical level, it can be observed that AMZN has been witnessing a notable increase in trading volatility and volume.
The stock peaked at $2,185.95, an all-time high, following the release of a better-than-expected earnings report in February. However, this achievement was short-lived following the coronavirus-induced selling spree, which sent it lower.
The stock fell to $1,626 in just under a month, after which it experienced a sharp rebound. This rebound sent it somewhere above $1,950 on Friday the 20th of March. Traders and investors are now watching AMZN price to see if the strong support at the $1,730 level will hold.
At press time, AMZN is trading at $1,846 and is expected to find more buyers at this level, which could send it back to the 50-day moving average price of $1,950 and subsequently to the $2,000 level and above.
On the flip side, a drop below the support could send it down to its $1,626 low and even further. In other news, Amazon’s workforce is currently experiencing a strain due to the increase in the use of its online shopping platform caused by the pandemic outbreak.
Just last week, the company announced that it would be adding 100,000 workers to handle the surge in demand. This could be the triggering factor for the anticipated price rally to the $2,000 level.