Amazon Stock Forecast
Amazon stock upgraded from Sell Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on May 01, 2024)
The stock lies in the middle of a 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 6.79% during the next 3 months and, with a 90% probability hold a price between $186.31 and $204.87 at the end of this 3-month period.
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AMZN Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 3.07%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Amazon stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $179.95. On a fall, the stock will find some support from the short-term average at $177.77. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Amazon stock
Amazon finds support from accumulated volume at $175.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $8.59 (4.87%) between high and low. For the last week, the stock has had daily average volatility of 3.69%.
Our recommended stop-loss: $169.59 (-5.26%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (AMZN) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Amazon.com, Inc. to open at $180.24, and during the day (based on 14 day Average True Range), to move between $173.91 and $184.09, which gives a possible trading interval of +/-$5.09 (+/-2.84%) up or down from last closing price. If Amazon.com, Inc. takes out the full calculated possible swing range there will be an estimated 5.69% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $180.96 (1.09%) than the support at $175.00 (2.23%), 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?
Amazon holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.558 Hold/Accumulate Upgraded
Predicted Opening Price for Amazon.com, Inc. of Thursday, May 2, 2024
Fair opening price May 2, 2024 | Current price |
---|---|
$180.24 ( 0.691%) | $179.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AMZN
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 188.83 | 5.49 % | |
R2 | 185.55 | 3.66 % | ||
R1 | 183.52 | 2.52 % | ||
Current price: | 179.00 | |||
Support | S1 | 176.96 | -1.14 % | |
S2 | 174.93 | -2.27 % | ||
S3 | 171.65 | -4.11 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 185.07 | 3.39 % | |
R2 | 183.62 | 2.58 % | ||
R1 | 180.96 | 1.09 % | ||
Current price | 179.00 | |||
Support | S1 | 175.00 | -2.23% | |
S2 | 174.42 | -2.56% | ||
S3 | 171.81 | -4.02% |
FAQ
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