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Green day on Wednesday for Amazon stock after gaining 1.36%

StockInvest.us, 1 week ago

Amazon

The Amazon stock price gained 1.36% on the last trading day (Wednesday, 14th Sep 2022), rising from $126.82 to $128.55. During the last trading day the stock fluctuated 1.99% from a day low at $126.33 to a day high of $128.84. The price has risen in 6 of the last 10 days but is still down by -0.14% for this period. Volume fell on the last day by -27 million shares and in total, 45 million shares were bought and sold for approximately $5.83 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.

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, 14 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 $127.33 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 25.58% during the next 3 months and, with a 90% probability hold a price between $159.90 and $194.60 at the end of this 3-month period.

Amazon

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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Amazon stock holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $130.07 and $134.43. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, August 16, 2022, and so far it has fallen -11.21%. Further fall is indicated until a new bottom pivot has been found. 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 $107.67 and $106.22.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 $107.67. If this is broken, then the next support from accumulated volume will be at $106.22 and $106.21.

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 $2.51 between high and low, or 1.99%. For the last week, the stock has had daily average volatility of 2.53%.

The Amazon stock holds several negative signals and despite the positive trend, we believe Amazon will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.

Check full Amazon forecast and analysis here.