If we talk about the company founded on July 5, 1994 called Cadabra, many may not know what we are talking about, but if we say that this company was founded by Jeff Bezos and that a year later it was renamed Amazon, things change.
Today and under the mandate of its founder, Amazon is not only a giant of online commerce, but has also been diversifying into new fields, such as the world of entertainment, through Amazon Prime Video and the purchase of the important film studio Metro Goldwyn Mayer for 8,450 million dollars last May.
In February, Amazon announced that the time of retirement of its founder was near, and after 27 years in the position it seems that this moment has arrived. From next Monday, the CEO of the company will be Andy Jassy, who is currently responsible for the Amazon Web Services project.
Despite the uncertainty that this situation can generate among investors, Jeff Bezos is not the first great entrepreneur to leave his company or retire, since people of the level of Bill Gates (Microsoft) or Amancio Ortega (Inditex) left their positions, with Steve Ballmer and Pablo Isla being their respective replacements. However, perhaps the best example is Apple, since after the death of Steve Jobs in 2011 and the rise of Tim Cook, the tech company’s shares have appreciated by 1000%.
As we can see from the daily chart, since last September, Amazon has moved in an important side channel between the red and green bands that acted as main levels of support and resistance although after last bouncing in the lower band of this channel last March, the price has been leaning successively on its uptrend line causing that in yesterday’s session the price finally managed to overcome its resistance level upwards, marking new historical highs.
It is important to see if the price manages to maintain current levels and we will have to be attentive to a possible pullback to confirm this uptick breakout, as this could indicate uptick strength in the face of looking for new all-time highs.
Source: Admiral Markets MetaTrader 5. Amazon daily chart. Data range: February 20, 2020 to July 7, 2021. Prepared on July 7, 2021 at 10:15 a.m. CEST. Please note that past returns do not guarantee future returns.
Evolution in the last 5 years:
- 2020: 76.26%
- 2019: 23.03%
- 2018: 28.43%
- 2017: 55.96%
- 2016: 10.95%
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