Sign In
The Amazon stock price gained 1.18% on the last trading day (Thursday, 18th Jan 2024), rising from $151.71 to $153.50. During the last trading day the stock fluctuated 1.29% from a day low at $151.82 to a day high of $153.78. The price has risen in 6 of the last 10 days and is up by 3.39% 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, 5 million more shares were traded than the day before. In total, 37 million shares were bought and sold for approximately $5.72 billion.
On Dec 21, 2023, it was reported that Wedbush gave AMZN a "Outperform" grade with a "hold" action.
The stock lies in the middle of a wide and strong 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 18.86% during the next 3 months and, with a 90% probability hold a price between $169.35 and $186.92 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 $153.32 and $149.90. 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, January 11, 2024, and so far it has fallen -1.08%. 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 $149.97 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 $1.96 (1.29%) between high and low. For the last week, the stock has had daily average volatility of 1.74%.
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.