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Amazon stock price ended on $178.22 on Friday after gaining 0.83%

StockInvest.us, 1 month ago

Amazon

The Amazon stock price gained 0.83% on the last trading day (Friday, 1st Mar 2024), rising from $176.76 to $178.22. During the last trading day the stock fluctuated 1.51% from a day low at $176.07 to a day high of $178.73. The price has been going up and down for this period, and there has been a 4.96% gain for the last 2 weeks. Volume fell on the last day by -22 million shares and in total, 31 million shares were bought and sold for approximately $5.61 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

On Feb 02, 2024, it was reported that Needham gave AMZN a "Buy" grade with a "hold" action.

The stock lies in the upper part of a strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $180.51 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 21.33% during the next 3 months and, with a 90% probability hold a price between $200.43 and $219.01 at the end of this 3-month period.

Amazon

The Amazon stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $175.14 and $165.19. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, January 04, 2024, and so far it has risen 23.28%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Amazon finds support from accumulated volume at $171.81 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $2.66 (1.51%) between high and low. For the last week, the stock has had daily average volatility of 1.45%.

Amazon holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.

Check full Amazon forecast and analysis here.