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Green day on Thursday for Amazon

StockInvest.us, 2 months ago

Amazon

The Amazon stock price gained 1.08% on the last trading day (Thursday, 28th Jul 2022), rising from $120.97 to $122.28. , and 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 day the stock fluctuated 4.03% from a day low at $118.08 to a day high of $122.84. The price has risen in 7 of the last 10 days and is up by 10.53% 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, 17 million more shares were traded than the day before. In total, 79 million shares were bought and sold for approximately $9.63 billion.

The last rating was given by Credit Suisse on Jul 26, 2022. The price target was changed from 185 to 170.Over the last 90 days, this security got 2 buy, 21 sell, and 0 hold ratings.

The stockis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $126.45 will give a strong buy signal and a trend shift could be expected.Given the current horizontal trend, you can expect Amazon stock with a 90% probability to be traded between $104.30 and $127.98 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.

Amazon

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 $121.29 and $113.10. 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 Thursday, July 21, 2022, and so far it has fallen -1.89%. Further fall is indicated until a new bottom pivot has been found.

Amazon finds support from accumulated volume at $120.21 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $4.76 between high and low, or 4.03%. For the last week, the stock has had a daily average volatility of 3.53%.

Several short-term signals 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 period.

Check full Amazon forecast and analysis here.