Amazon stock price up 0.82% on WednesdayStockInvest.us, 3 weeks ago
The Amazon stock price gained 0.82% on the last trading day (Wednesday, 7th Feb 2024), rising from $169.15 to $170.53. During the last trading day the stock fluctuated 1.01% from a day low at $169.17 to a day high of $170.88. The price has risen in 6 of the last 10 days and is up by 8.71% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 7 million more shares were traded than the day before. In total, 47 million shares were bought and sold for approximately $7.96 billion.
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 wide and 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 $172.82 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 13.43% during the next 3 months and, with a 90% probability hold a price between $172.73 and $196.02 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 $165.04 and $155.61. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Friday, February 02, 2024, and so far it has fallen -0.745%. Further fall is indicated until a new bottom pivot has been found.
On the downside, the stock finds support just below today's level from accumulated volume at $149.97 and $147.42.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 $149.97. If this is broken, then the next support from accumulated volume will be at $147.42 and $146.88.
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 $1.71 between high and low, or 1.01%. For the last week, the stock has had daily average volatility of 2.06%.
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.