Amazon stock price up 0.746% on Monday

StockInvest.us, 3 weeks ago

Amazon

The Amazon stock price gained 0.746% on the last trading day (Monday, 29th Apr 2024), rising from $179.62 to $180.96. During the last trading day the stock fluctuated 2.31% from a day low at $179.39 to a day high of $183.53. The price has fallen in 6 of the last 10 days and is down by -1.45% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 10 million more shares were traded than the day before. In total, 52 million shares were bought and sold for approximately $9.43 billion.

On Apr 25, 2024, it was reported that Telsey Advisory gave AMZN a "Outperform" grade with a "hold" action.

The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 9.61% during the next 3 months and, with a 90% probability hold a price between $188.29 and $210.79 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, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $177.46 and $179.76. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical 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 Thursday, April 11, 2024, and so far it has fallen -4.28%. 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).

Amazon finds support from accumulated volume at $174.42 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 $4.14 (2.31%) between high and low. For the last week, the stock has had daily average volatility of 2.82%.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Amazon stock to perform well in the short-term.

Check full Amazon forecast and analysis here.