Weaker technical forecast for Amazon as stock downgraded to Hold/Accumulate.StockInvest.us, 1 month ago
The Amazon stock price fell by -2.47% on the last day (Thursday, 14th Apr 2022) from $3110.82 to $3033.90. During the day the stock fluctuated 2.86% from a day low at $3029.43 to a day high of $3116.00. The price has fallen in 7 of the last 10 days and is down by -7.08% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -160 thousand shares and in total, 2 million shares were bought and sold for approximately $6.89 billion.
Exane BNP Paribas is very positive about AMZN and gave it a "" rating on Mar 30, 2022. The price target was changed from 3327.00 to 1.75.Over the last 30 days, this security got 1 buy, 0 sell, and 0 hold ratings.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 7.65% during the next 3 months and, with a 90% probability hold a price between $3044.66 and $3697.03 at the end of this 3-month period.
There are few to no technical positive signals at the moment. 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 $3086.07 and $3104.13. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, March 29, 2022, and so far it has fallen -10.41%. 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 fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Amazon finds support from accumulated volume at $2890.88 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 $86.57 between high and low, or 2.86%. For the last week, the stock has had a daily average volatility of 2.94%.
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.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.Check full Amazon forecast and analysis here.