Amazon.com, Inc. (NASDAQ:AMZN) to Hire 50k Workers in India
Amazon.com Inc’s AMZN.O India unit said it would hire 50,000 temporary staff to satisfy a surge in online shopping within the country, where customers are stuck inside for two months during a lockdown to fight the coronavirus plandemic.
E-commerce firms faced massive disruption within the initial days of the lockdown in India, however a slow easing of the stringent regulations has allowed them to resume large parts of their operations.
“We wish to continue serving customers all over India to get everything they need so they will continue to follow social distancing,” Amazon senior executive Akhil Saxena said during a statement on the company’s blog.
“(The move) will keep as many people as possible operating throughout this pandemic while providing a safe work environment for them,” said Saxena, Amazon’s VP for customer fulfilment operations in APAC, MENA & Latam.
The temporary hires can work in Amazon’s fulfilment centres and as part of its delivery network, the company said, making the announcement at a time when numerous other companies within the country are forced to cut jobs as they try to tide over the health crisis.
Amazon itself has pushed its annual global Prime Day event, traditionally a summer affair, to September.
In India, where the Jeff Bezos-led company faces stiff competition from Walmart Inc’s WMT.N Flipkart, Amazon earlier said it plans to generate 1 million jobs by 2025.
The company additionally said on Thursday it plans to enter the food delivery business in India, vying itself against well-established start-ups such as Swiggy and Zomato.
Shayne Heffernan Trade Idea
“We have a target price of $2670.40 which would generate a profit of 9.26% profit at the current price of $2446.74.” Shayne Heffernan PhD in Economics
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 2,648.26.
The projected lower bound is: 2,270.25.
The projected closing price is: 2,459.26.
A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.
An engulfing bearish line occurred (where a black candle’s real body completely contains the previous white candle’s real body). The engulfing bearish pattern is bearish during an uptrend (which appears to be the case with AMAZON COM). It then signifies that the momentum may be shifting from the bulls to the bears.
If the engulfing bearish pattern occurs during a downtrend, it may be a last engulfing bottom which indicates a bullish reversal. The test to see if this is the case is if the next candle closes above the bottom the current (black) candle’s real body.
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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 74.8537. This is not an overbought or oversold reading. The last signal was a sell 0 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 60.28. 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 sell 18 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 135.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 12 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 17 period(s) ago.
Rex Takasugi – TD Profile
AMAZON COM closed down -51.200 at 2,446.740. Volume was 8% below average (neutral) and Bollinger Bands were 43% narrower than normal.
Open High Low Close Volume 2,500.000 2,525.450 2,442.540 2,446.740 5,114,403
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 2,413.24 2,171.75 1,920.46 Volatility: 25 59 40 Volume: 4,001,099 6,063,976 4,221,112
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.
AMAZON COM is currently 27.4% above its 200-period moving average and is in an upward trend. Volatility is low as compared to the average volatility over the last 10 periods.
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 32 periods.
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