Amazon Stock Forecast
Amazon stock price ended at $200.00 on Tuesday, after gaining 1.42%.
(Updated on Jul 02, 2024)
The stock has broken the weak rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $194.03, a level that may pose a second chance to hit a runner. According to fan-theory $208.97 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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AMZN Signals & Forecast
Mostly positive signals in the chart today. 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 $193.40 and $185.49. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, May 31, 2024, and so far it has risen 13.35%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Amazon stock
Amazon finds support from accumulated volume at $193.25 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 $4.50 between high and low, or 2.30%. For the last week, the stock has had daily average volatility of 3.18%.
Our recommended stop-loss: $192.68 (-3.66%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 36 days ago.)
Trading Expectations (AMZN) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Amazon.com, Inc. to open at $198.79, and during the day (based on 14 day Average True Range), to move between $195.61 and $204.39, which gives a possible trading interval of +/-$4.39 (+/-2.19%) up or down from last closing price. If Amazon.com, Inc. takes out the full calculated possible swing range there will be an estimated 4.39% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $193.25, some $6.75 (3.38%) from the current price of $200.00, our system finds the risk reward attractive.
Is Amazon.com, Inc. stock A Buy?
Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. 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 period.
Current score: 3.535 Buy Candidate Unchanged
Predicted Opening Price for Amazon.com, Inc. of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $198.79 ( 0.607%) | $200.00 |
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 | |
|---|---|---|
| R3 | 203.29 | 1.64% |
| R2 | 201.57 | 0.784% |
| R1 | 200.51 | 0.253% |
| Price | 200.00 | |
| S1 | 197.07 | -1.47% |
| S2 | 196.01 | -2.00% |
| S3 | 194.29 | -2.86% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 200.00 | |
| S1 | 193.25 | -3.38% |
| S2 | 179.00 | -10.50% |
| S3 | 175.00 | -12.50% |
FAQ
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