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The Amazon stock price fell by -1.52% on the last day (Thursday, 3rd Oct 2024) from $184.76 to $181.96. It has now fallen 7 days in a row. During the last trading day the stock fluctuated 1.42% from a day low at $180.88 to a day high of $183.44. The price has fallen in 7 of the last 10 days and is down by -4.17% for this period. Volume has increased on the last day by 5 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, 29 million shares were bought and sold for approximately $5.24 billion.
On Oct 03, 2024, it was reported that Wells Fargo gave AMZN a "Underperform" grade with a "hold" action.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Amazon stock with a 90% probability to be traded between $157.10 and $191.05 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stock seldom manage to go directly from the bottom of a trend up to the top. Stock turning up in the middle of a horizontal trend are therefore considered to be potential runners.
The Amazon stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $187.12. On a fall, the stock will find some support from the long-term average at approximately $181.84. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, September 24, 2024, and so far it has fallen -6.19%. 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.
On the downside, the stock finds support just below today's level from accumulated volume at $167.90 and $161.93.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Amazon finds support just below today's level at $167.90. If this is broken, then the next support from accumulated volume will be at $161.93 and $161.02.
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 $2.57 between high and low, or 1.42%. For the last week, the stock has had daily average volatility of 1.66%.
Amazon holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Check full Amazon forecast and analysis here.