Amazon stock downgraded from Hold/Accumulate to Sell Candidate after Tuesday trading session.StockInvest.us, 2 months ago
The Amazon stock price fell by -4.03% on the last day (Tuesday, 26th Sep 2023) from $131.27 to $125.98. During the last trading day the stock fluctuated 4.07% from a day low at $125.28 to a day high of $130.38. The price has fallen in 8 of the last 10 days and is down by -10.8% for this period. Volume has increased on the last day by 24 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 69 million shares were bought and sold for approximately $8.68 billion.
On Sep 26, 2023, it was reported that Cowen & Co. gave AMZN a "Outperform" grade with a "hold" action.
Given the current short-term trend, the stock is expected to rise 5.90% during the next 3 months and, with a 90% probability hold a price between $133.41 and $154.63 at the end of this 3-month period.
There are few to no technical positive signals at the moment. The Amazon stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $132.66 and $136.45. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, September 13, 2023, and so far it has fallen -13.03%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $5.10 between high and low, or 4.07%. For the last week, the stock has had daily average volatility of 2.90%.
The Amazon stock holds several negative signals and despite the positive trend, we believe Amazon will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.Check full Amazon forecast and analysis here.