Amazon stock price up 1.52% on TuesdayStockInvest.us, 1 month ago
The Amazon stock price gained 1.52% on the last trading day (Tuesday, 9th Jan 2024), rising from $149.10 to $151.37. 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 2.36% from a day low at $148.21 to a day high of $151.71. The price has fallen in 6 of the last 10 days and is down by -1.34% for this period. Volume fell on the last day by -710 thousand shares and in total, 43 million shares were bought and sold for approximately $6.52 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.
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 19.94% during the next 3 months and, with a 90% probability hold a price between $169.15 and $191.99 at the end of this 3-month period.
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Monday, December 18, 2023, and so far it has fallen -1.75%. 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). 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 $148.66 and $148.60. A breakdown below any of these levels will issue sell signals. 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.
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 $3.50 (2.36%) between high and low. For the last week, the stock has had daily average volatility of 2.03%.
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.