Stronger technical forecast for Amazon stock price after Monday trading.
StockInvest.us, 1 month ago
The Amazon stock price gained 3.89% on the last trading day (Monday, 30th Oct 2023), rising from $127.74 to $132.71. During the last trading day the stock fluctuated 3.25% from a day low at $128.81 to a day high of $132.99. The price has been going up and down for this period, and there has been a 0.12% gain for the last 2 weeks. Volume fell on the last day by -50 million shares and in total, 72 million shares were bought and sold for approximately $9.59 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.
On Oct 27, 2023, it was reported that Morgan Stanley gave AMZN a "Overweight" grade with a "hold" action.
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 -7.47% during the next 3 months and, with a 90% probability hold a price between $110.32 and $128.68 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.
Mostly positive signals in the chart today. The Amazon stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $125.96 and $130.51. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, October 26, 2023, and so far it has risen 10.99%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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.
Amazon finds support from accumulated volume at $127.74 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 $4.18 between high and low, or 3.25%. For the last week, the stock has had daily average volatility of 3.22%.
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
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