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Red day on Wednesday for Amazon stock after losing 1.09%

StockInvest.us, 2 months ago


The Amazon stock price fell by -1.09% on the last day (Wednesday, 20th Dec 2023) from $153.79 to $152.12. During the last trading day the stock fluctuated 2.69% from a day low at $151.56 to a day high of $155.63. The price has risen in 6 of the last 10 days and is up by 5.26% over the past 2 weeks. Volume has increased on the last day by 8 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, 50 million shares were bought and sold for approximately $7.60 billion.

On Dec 01, 2023, it was reported that Oppenheimer gave AMZN a "Outperform" grade with a "hold" action.

The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $154.98 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 22.79% during the next 3 months and, with a 90% probability hold a price between $168.13 and $190.31 at the end of this 3-month period.


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 $150.53 and $145.42. A breakdown below any of these levels will issue sell signals. 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 Monday, December 18, 2023, and so far it has fallen -1.27%. Further fall is indicated until a new bottom pivot has been found. 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 $149.97 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $4.07 between high and low, or 2.69%. For the last week the stock has had daily average volatility of 2.55%.

Several short-term signals, along with a general good trend, are positive and 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.

Check full Amazon forecast and analysis here.