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Amazon stock price up 0.57% on Wednesday

StockInvest.us, 2 months ago

Amazon

The Amazon stock price gained 0.57% on the last trading day (Wednesday, 7th Jul 2021), rising from $3 675.74 to $3 696.58. , and has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 1.50% from a day low at $3 678.91 to a day high of $3 734.20. The price has been going up and down for this period, and there has been a 5.45% gain for the last 2 weeks. Volume fell on the last day by -1 million shares and in total, 5 million shares were bought and sold for approximately $19.40 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.

JPMorgan Chase & Co. is very positive about AMZN and gave it a "Overweight" rating on June 18, 2021. The price target was set to $4,600.00.Over the last 30 days, this security got 3 buy, 0 sell, and 0 hold ratings.

The stock has broken the wide and weak rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $3 569.66, a level that may pose a second chance to hit a runner. According to fan-theory $3 907.87 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

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 $3 521.21 and $3 358.38. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 12, 2021, and so far it has risen 17.28%. 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 months Moving Average Convergence Divergence (MACD).

Amazon finds support from accumulated volume at $3 675.74 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $55.29 between high and low, or 1.50%. For the last week, the stock has had a daily average volatility of 2.11%.

Amazon holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, 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.