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Red day on Thursday for Amazon stock after losing 2.49%

StockInvest.us, 1 month ago

Amazon

The Amazon stock price fell by -2.49% on the last day (Thursday, 30th Jun 2022) from $108.92 to $106.21. During the day the stock fluctuated 5.52% from a day low at $102.52 to a day high of $108.18. The price has risen in 6 of the last 10 days, but is still down by -1.36% for this period. Volume has increased on the last day by 31 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 98 million shares were bought and sold for approximately $10.37 billion.

Redburn Partners is very positive about AMZN and gave it a "" rating on Jun 29, 2022. The price target was set to 270.Over the last 90 days, this security got 4 buy, 34 sell, and 0 hold ratings.

The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -33.76% during the next 3 months and, with a 90% probability hold a price between $61.02 and $74.69 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.

Amazon

A buy signal was issued from a pivot bottom point on Tuesday, June 14, 2022, and so far it has risen 3.81%. Further rise is indicated until a new top pivot has been found. 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 $110.51 and $111.67. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Amazon finds support from accumulated volume at $105.37 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $5.66 between high and low, or 5.52%. For the last week, the stock has had a daily average volatility of 5.21%.

Amazon holds several negative signals and is within a wide and falling trend, so we believe 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.