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The Amazon stock price gained 2.70% on the last trading day (Thursday, 17th Mar 2022), rising from $3062.08 to $3144.78. , and has now gained 4 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 day the stock fluctuated 3.52% from a day low at $3042.80 to a day high of $3149.97. The price has been going up and down for this period, and there has been a 6.32% gain for the last 2 weeks. Volume fell on the last day by -645 thousand shares and in total, 4 million shares were bought and sold for approximately $11.28 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 Feb 04, 2022 "MKM Partners" gave "$4,000.00 - $4,100.00" rating for AMZN. The price target was set to $3,152.79+13.5%.
The stockhas broken the wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $3023.57, a level that may pose a second chance to hit a runner. According to fan-theory $3498.55 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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 $2946.24 and $3003.70. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, March 08, 2022, and so far it has risen 15.60%. Further rise is indicated until a new top pivot has been found. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
On the downside, the stock finds support just below today's level from accumulated volume at $2890.88 and $2852.86.There is 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 $2890.88. If this is broken, then the next support from accumulated volume will be at $2852.86 and $2776.91.
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 $107.17 between high and low, or 3.52%. For the last week, the stock has had a daily average volatility of 3.85%.
Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period.
Check full Amazon forecast and analysis here.