Green day on Wednesday for AmazonStockInvest.us, 3 weeks ago
The Amazon stock price gained 2.67% on the last trading day (Wednesday, 7th Sep 2022), rising from $126.11 to $129.48. During the last trading day the stock fluctuated 3.52% from a day low at $125.40 to a day high of $129.82. The price has fallen in 6 of the last 10 days and is down by -3.1% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 5 million more shares were traded than the day before. In total, 48 million shares were bought and sold for approximately $6.27 billion.
Deutsche Bank is very positive about AMZN and gave it a "$155.00 - $175.00" rating on Jul 29, 2022. The price target was changed from 155 to 175.Over the last 90 days, this security got 17 buy, 16 sell, and 0 hold ratings.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $126.67 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the stock is expected to rise 29.11% during the next 3 months and, with a 90% probability hold a price between $163.54 and $197.71 at the end of this 3-month period.
A buy signal was issued from a pivot bottom point on Tuesday, September 06, 2022, and so far it has risen 2.67%. Further rise is indicated until a new top pivot has been found. 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. The Amazon stock holds a buy signal from the short-term moving average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term moving average at $133.03. On a fall, the stock will find some support from the short-term average at $128.03. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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 $106.22 and $106.21.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 $106.22. If this is broken, then the next support from accumulated volume will be at $106.21 and $103.67.
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 $4.42 between high and low, or 3.52%. For the last week, the stock has had daily average volatility of 3.43%.
Amazon holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.Check full Amazon forecast and analysis here.