Amazon shares touch new highs as bullish run continues

Amazon shares touched a fresh high in US Tuesday trading, before retreating a little at the market close. The stock price has been impressive post Q3 earnings and analysts suggest further gains are likely.

Amazon shares touch new highs as bullish run continues

Amazon shares touched a fresh high in the US Tuesday trading session, before retreating a little by the market close.

Charts show the Amazon share price hit $1,129.73 soon after the market open. The Amazon stock closed at $1,123.17, a 0.22% gain from the opening price.

A string of developments have proved supportive, post it’s third-quarter trading update.

Two-hour delivery and more

With Amazon’s fundamentals proving strong recently, the addition of improvements and new developments have only served to impress investors further.

Amazon’s bricks and mortar investments have proved popular and many other changes are impressing users and subscribers, too.

The new two-hour delivery available to some Prime members is a service that many users will value. Amazon already provides same-day deliveries for some items, so an even speedier delivery time is sure to encourage more Prime subscriptions.

Meanwhile, as Amazon has announced its intentions to create more of its TV productions, it’s currently in talks to purchase the rights to the TV series of the Lord of the Rings.

Both Amazon and Netflix are in discussions with the estate of J.R.R. Tolkien and Warner Bros Studios over the deal. Reports suggest the rights could cost the eventual victors, somewhere in the region of £198 million ($250 million).

Analysts upbeat on Amazon

With so much going on for the tech giant as the important holiday period ramps up, some analysts are positive on the Amazon share price.

Speaking to CNBC, Todd Gordon, the founder of and analyst forTradingAnalysis.com, said the technical charts suggest a new high is on the cards for Amazon.

In addition, Amazon’s purchase of crypto currency domain names, suggest the global retailer could add another string to its bow in the future.

Of course, it could also be a move calculated to protect its brand name, but it’s considered more likely Amazon could, at some point in the future, begin accepting crypto currency as payment for its goods.

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