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The Amazon stock price fell by -0.258% on the last day (Thursday, 16th Nov 2023) from $143.20 to $142.83. During the last trading day the stock fluctuated 2.72% from a day low at $139.53 to a day high of $143.32. The price has been going up and down for this period, and there has been a 3.45% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -13 million shares and in total, 49 million shares were bought and sold for approximately $6.96 billion.
On Oct 27, 2023, it was reported that Morgan Stanley gave AMZN a "Overweight" grade with a "hold" action.
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 $145.83 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 $120.43 and $146.64 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.
The Amazon stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $142.95. On a fall, the stock will find some support from the long-term average at approximately $132.74. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Tuesday, November 14, 2023, and so far it has fallen -2.04%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Amazon finds support from accumulated volume at $140.39 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 $3.79 between high and low, or 2.72%. For the last week, the stock has had daily average volatility of 2.46%.
The Amazon stock is overbought on RSI14 and the RSI has been falling for the last couple of days. This together with the fact that the stock is in the upper part of the trend poses a possible good selling opportunity for the short-term trader. However, one should note that some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Amazon holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Check full Amazon forecast and analysis here.