Red day on Friday for Amazon
(Updated on Sep 30, 2022)
Sell candidate since 2022-09-27 Loss -1.23% PDF
The Amazon stock price fell by -1.57% on the last day (Friday, 30th Sep 2022) from $114.80 to $113.00. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 3.62% from a day low at $112.84 to a day high of $116.92. The price has fallen in 7 of the last 10 days and is down by -8.52% 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 -57 million shares and in total, 2 million shares were bought and sold for approximately $232.91 million.
Given the current short-term trend, the stock is expected to rise 3.84% during the next 3 months and, with a 90% probability hold a price between $117.34 and $153.22 at the end of this 3-month period.
Signals & Forecast
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 $115.21 and $128.45. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, August 16, 2022, and so far it has fallen -21.95%. 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.
Support, Risk & Stop-loss
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 $4.08 between high and low, or 3.62%. For the last week, the stock has had daily average volatility of 3.79%.
Amazon is oversold on RSI14 (20). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Amazon.com, Inc. to open at $114.25, and during the day (based on 14 day Average True Range), to move between $108.51 and $117.49, which gives a possible trading interval of +/-$4.49 (+/-3.97%) up or down from last closing price. If Amazon.com, Inc. takes out the full calculated possible swing range there will be an estimated 7.95% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $113.55 (0.49%) than the support at $110.40 (2.30%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Amazon.com, Inc. stock A Buy?
The Amazon stock holds several negative signals and despite the positive trend, we believe Amazon will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -3.469Sell Candidate Unchanged
Predicted Opening Price for Amazon.com, Inc. of Monday, October 3, 2022
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price October 3, 2022||Current price|
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About Amazon.com, Inc.
Amazon.com, Inc. engages in the retail sale of consumer products and subscriptions in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services (AWS). It sells merchandise and content purchased for resale from third-party sellers through physical and online stores. The company also manufactures and sells electronic devices, including Kindle, Fire tablets, Fire TVs, Rings,... AMZN Profile
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