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The Amazon stock price gained 1.42% on the last trading day (Tuesday, 2nd Jul 2024), rising from $197.20 to $200.00. During the last trading day the stock fluctuated 2.30% from a day low at $195.93 to a day high of $200.43. The price has risen in 7 of the last 10 days and is up by 8.66% 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, 45 million shares were bought and sold for approximately $8.97 billion.
On Jun 28, 2024, it was reported that Wells Fargo gave AMZN a "Overweight" grade with a "hold" action.
The stock has broken the weak rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $194.03, a level that may pose a second chance to hit a runner. According to fan-theory $208.97 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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 $193.40 and $185.49. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, May 31, 2024, and so far it has risen 13.35%. 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.
Amazon finds support from accumulated volume at $193.25 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 $4.50 between high and low, or 2.30%. For the last week, the stock has had daily average volatility of 3.18%.
Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. 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.