IBP Stock +106.23% Since Nov ’07 Pick IBP Stock +106.23% Since Nov ’07 Pick Unlock Top Buy Picks

Weaker technical forecast for Amazon as stock downgraded to Buy Candidate.

StockInvest.us, 1 month ago


The Amazon stock price fell by -0.359% on the last day (Monday, 4th Mar 2024) from $178.22 to $177.58. During the last trading day the stock fluctuated 1.49% from a day low at $177.49 to a day high of $180.14. The price has been going up and down for this period, and there has been a 4.76% gain for the last 2 weeks. Volume has increased on the last day by 5 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, 36 million shares were bought and sold for approximately $6.46 billion.

On Feb 02, 2024, it was reported that Needham gave AMZN a "Buy" grade with a "hold" action.

The stock lies in the upper part of a 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 $178.76 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 21.96% during the next 3 months and, with a 90% probability hold a price between $202.49 and $218.01 at the end of this 3-month period.


There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Friday, March 01, 2024, and so far it has fallen -0.359%. Further fall is indicated until a new bottom pivot has been found. 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. 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 $175.57 and $165.83. A breakdown below any of these levels will issue sell signals.

Amazon finds support from accumulated volume at $171.81 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 $2.65 between high and low, or 1.49%. For the last week the stock has had daily average volatility of 1.51%.

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.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.

Check full Amazon forecast and analysis here.