Amazon Stock Forecast
Green day on Friday for Amazon
(Updated on Mar 31, 2023)
On Friday, 31st Mar 2023, the stock price of Amazon gained 1.26%, rising from $102.00 to $103.29. This marks the third consecutive day of gains for the stock. During the day, the stock fluctuated 1.51%, ranging from $101.95 to $103.49. Over the past two weeks, the stock has seen a 4.39% increase in value. The trading volume for the day was higher than the previous day, with 3 million more shares traded. In total, 57 million shares were traded, amounting to $5.85 billion.
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The stock lies in the middle of a very 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 4.28% during the next 3 months and, with a 90% probability hold a price between $95.84 and $121.00 at the end of this 3-month period.
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 $99.67 and $96.62. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, March 10, 2023, and so far it has risen 13.84%. 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 $102.11 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 $1.54 between high and low, or 1.51%. For the last week, the stock has had daily average volatility of 1.99%.
Our recommended stop-loss: $99.02 (-4.14%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 15 days ago.)
Trading Expectations (AMZN) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Amazon.com, Inc. to open at $102.91, and during the day (based on 14 day Average True Range), to move between $100.27 and $106.31, which gives a possible trading interval of +/-$3.02 (+/-2.92%) up or down from last closing price. If Amazon.com, Inc. takes out the full calculated possible swing range there will be an estimated 5.85% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $103.39 (0.10%) than the support at $102.11 (1.14%), 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 and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
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Strong Buy Candidate UnchangedPredicted Opening Price for Amazon.com, Inc. of Monday, April 3, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
| Fair opening price April 3, 2023 | Current price |
|---|---|
| $102.91 | $103.29 (Overvalued) |
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Trading levels for AMZN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 104.45 | 1.12 % | |
| R2 | 103.86 | 0.554 % | ||
| R1 | 103.50 | 0.202 % | ||
| Current price: | 103.29 | |||
| Support | S1 | 102.32 | -0.94 % | |
| S2 | 101.96 | -1.29 % | ||
| S3 | 101.37 | -1.86 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 112.91 | 9.31 % | |
| R2 | 105.15 | 1.80 % | ||
| R1 | 103.39 | 0.0968 % | ||
| Current price | 103.29 | |||
| Support | S1 | 102.11 | -1.14% | |
| S2 | 97.18 | -5.92% | ||
| S3 | 95.09 | -7.94% |
FAQ
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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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