Stronger technical forecast for Amazon stock price after Monday trading.StockInvest.us, 2 months ago
The Amazon stock price gained 0.15% on the last trading day (Monday, 16th Aug 2021), rising from $3 293.97 to $3 298.99. During the day the stock fluctuated 2.77% from a day low at $3 211.13 to a day high of $3 300.00. The price has fallen in 6 of the last 10 days and is down by -0.98% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 million more shares were traded than the day before. In total, 3 million shares were bought and sold for approximately $10.93 billion.
On July 30, 2021 "Jefferies Financial Group" gave "$4,200.00" rating for AMZN. The price target was changed from $3,354.98 to 6.8%.
The stock has broken the wide and weak rising short-term trend down. This signalizes a slower rate of rising, but may also be an early warning about a possible trend shift. Due to the trend being broken there will now be resistance at the bottom line of the trend at $3 304.11. A reaction back to this level may hold a second chance to get out before further falls.
A buy signal was issued from a pivot bottom point on Wednesday, August 11, 2021, and so far it has risen 0.21%. 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 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 $3 313.72 and $3 511.22. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 months Moving Average Convergence Divergence (MACD).
Amazon finds support from accumulated volume at $3 270.39 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 $88.87 between high and low, or 2.77%. For the last week, the stock has had a daily average volatility of 1.59%.
Amazon is oversold on RSI14 (16). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Amazon holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.Check full Amazon forecast and analysis here.