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The Amazon stock price gained 0.799% on the last trading day (Thursday, 10th Oct 2024), rising from $185.17 to $186.65. It has now gained 3 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 last trading day the stock fluctuated 1.24% from a day low at $185.83 to a day high of $188.13. The price has fallen in 6 of the last 10 days and is down by -2.36% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 28 million shares were bought and sold for approximately $5.16 billion.
On Oct 10, 2024, it was reported that Scotiabank gave AMZN a "Outperform" grade with a "initialise" 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 2.85% during the next 3 months and, with a 90% probability hold a price between $169.70 and $200.53 at the end of this 3-month period.
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 $184.08 and $182.69. 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 Tuesday, September 24, 2024, and so far it has fallen -3.77%. 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 $184.07 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 $2.30 (1.24%) between high and low. For the last week, the stock has had daily average volatility of 1.71%.
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.