Amazon.com, Inc. (NASDAQ:AMZN) to Expand Streaming Business

Amazon.com, Inc. (NASDAQ:AMZN) to Expand Streaming Business

Amazon.com, Inc. (NASDAQ:AMZN) to Expand Streaming Business

Amazon is currently trying to buy the New York Yankees’ regional sports network, according to reports from the New York Post and other outlets. An Amazon-led group of investors, which also includes the New York Yankees, is said to be nearing a deal that would see the e-commerce powerhouse buy an 80% stake in the YES Network for about $3.5 billion. The move would give Amazon the rights to broadcast the New York Yankees, the NBA’s Brooklyn Nets and New York City FC of Major League soccer.

The move is part of Amazon’s larger push to expand its streaming sports business as it tries to become an entertainment giant. Disney was forced to divest Twenty-First Century Fox’s FOXA 22 RSNs as part of regulatory approval of its $71 billion Fox deal. YES Network is one of the most attractive of this group of RSNs and currently commands the second-highest subscriber fees, behind only ESPN.

Wall Street will be watching Amazon’s sports pursuit closely as Disney expands its ESPN+ streaming offering. Meanwhile, YouTube TV GOOGL and Hulu have tried to attract cord-cutting sports fans in the Netflix NFLX age. Amazon’s ability to amass sports rights could help it stand out in a market that will soon feature Apple AAPL and AT&T T .

Meanwhile, the NBA and Alibaba announced an updated partnership last week. The Chinese e-commerce company will now be able to show highlights, classic games, and original programming. An “NBA Section” will be launched across Alibaba’s platforms that aims to put NBA merchandise and content all in one place. The NBA is one of the most popular sports in China, but Tencent TCEHY currently holds the rights to stream NBA games in the country. Still, it is a step in the right direction for the Amazon of China as it expands its sports offerings, which already includes the World Cup and digital initiatives with the Olympics.

The episode then closes with a quick look at WarnerMedia’s deal with Caesars Entertainment CZR . Turner Sports’ Bleacher Report will start to roll out sports betting content as part of the new agreement. The move follows ESPN’s recent sports betting announcement and is part of a larger sports betting expansion that has seen professional sports leagues partner with MGM MGM and Caesars.

Overall, the bias in prices is: Upwards.

By the way, prices are vulnerable to a correction towards 1,650.28.

The projected upper bound is: 1,772.53.

The projected lower bound is: 1,576.69.

The projected closing price is: 1,674.61.

Candlesticks

A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 white candles.

A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend. There have been 5 rising windows in the last 50 candles–this makes the current rising window even more bullish.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 37.1520. This is not an overbought or oversold reading. The last signal was a sell 3 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 55.08. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 50 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 29. This is not a topping or bottoming area. The last signal was a sell 2 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 0 period(s) ago.

Rex Takasugi – TD Profile

AMAZON COM closed up 49.820 at 1,670.620. Volume was 100% below average (consolidating) and Bollinger Bands were 62% narrower than normal.

Open High Low Close Volume___
1,626.1201,672.2851,626.0101,670.620 210

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 1,656.40 1,628.82 1,727.96
Volatility: 29 38 45
Volume: 3,728,453 5,378,039 5,573,653

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

AMAZON COM gapped up today (bullish) on light volume. Possibility of a Common Gap which usually coincides with a lack of interest in the security. Common Gaps are fairly irrelevent for forecasting purposes. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
AMAZON COM is currently 3.3% below its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect volume flowing into and out of AMZN.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on AMZN.O and have had this outlook for the last 0 periods.

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