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Green day on Monday for Amazon

StockInvest.us, 1 month ago

Amazon

The Amazon stock price gained 0.327% on the last trading day (Monday, 1st Apr 2024), rising from $180.38 to $180.97. 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 1.69% from a day low at $179.96 to a day high of $183.00. The price has risen in 8 of the last 10 days and is up by 3.76% over the past 2 weeks. Volume fell on the last day by -10 million shares and in total, 27 million shares were bought and sold for approximately $4.88 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 Apr 01, 2024, it was reported that Wells Fargo gave AMZN a "Overweight" grade with a "hold" action.

The stock lies in the middle of a 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 21.16% during the next 3 months and, with a 90% probability hold a price between $214.73 and $234.17 at the end of this 3-month period.

Amazon

Mostly positive signals in the chart today. 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 $179.46 and $175.04. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, March 11, 2024, and so far it has risen 5.24%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 $174.42 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $3.04 between high and low, or 1.69%. For the last week the stock has had daily average volatility of 1.61%.

Amazon holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.

Check full Amazon forecast and analysis here.