Amazon Stabilizes After Six-Session Slide Amid Prime Air Expansion

Amazon stock has shown its first sign of stabilization after six consecutive sessions of decline, closing August 19 with a green candle on elevated volume.

The company's plans to expand Prime Air, which will see drone delivery extended to nearly 500 U.S. cities and communities by the end of 2026, is being seen as a key development that could support the stock.

Amazon has also confirmed a new multi-billion-dollar robotics manufacturing facility in Austin, which will produce robotic systems for the company's logistics network and create around 300-500 jobs.

The nearest price target for Amazon is $269.65, with an unfilled gap from May 29, 2024 making this level a potential first major obstacle for buyers.