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Stronger technical forecast for Amazon stock price after Tuesday trading.

StockInvest.us, 2 weeks ago

Amazon

No changes to the price of Amazon stock on the last trading day (Tuesday, 10th May 2022). During the day the stock fluctuated 0% from a day low at $2175.78 to a day high of $2175.78. The price has fallen in 6 of the last 10 days and is down by -21.95% for this period.

The last rating was given by Stifel on Apr 29, 2022. The price target was changed from 2485.63 to 14.05.Over the last 90 days, this security got 5 buy, 22 sell, and 0 hold ratings.

The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $2168.12 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the stock is expected to fall -12.65% during the next 3 months and, with a 90% probability hold a price between $1893.85 and $2773.65 at the end of this 3-month period.

Amazon

A buy signal was issued from a pivot bottom point on Monday, May 09, 2022, and so far it has fallen 0%. 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 $2352.68 and $2956.69. 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 fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.

There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.

In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0 between high and low, or 0%. For the last week the stock has had a daily average volatility of 4.78%

Amazon is oversold on RSI14 (15). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.

Amazon holds several negative signals and is within a very 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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.

Check full Amazon forecast and analysis here.