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Green day on Thursday for Amazon

StockInvest.us, 1 month ago

Amazon

The Amazon stock price gained 1.67% on the last trading day (Thursday, 11th Apr 2024), rising from $185.95 to $189.05. It has now gained 5 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 2.30% from a day low at $185.51 to a day high of $189.77. The price has risen in 8 of the last 10 days and is up by 5.13% 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, 4 million more shares were traded than the day before. In total, 40 million shares were bought and sold for approximately $7.47 billion.

On Apr 09, 2024, it was reported that Piper Sandler 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 18.24% during the next 3 months and, with a 90% probability hold a price between $212.09 and $230.77 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 $184.76 and $178.26. 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 9.94%. 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 is rising along with the price. This is considered to be a good technical signal.

On the downside, the stock finds support just below today's level from accumulated volume at $174.42 and $171.81.There is a 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 $174.42. If this is broken, then the next support from accumulated volume will be at $171.81 and $159.28.

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 $4.26 (2.30%) between high and low. For the last week, the stock has had daily average volatility of 1.93%.

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.