Amazon Stock Forecast
Stronger technical forecast for Amazon stock price after Friday trading.
(Updated on May 24, 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 5.82% during the next 3 months and, with a 90% probability hold a price between $187.55 and $205.62 at the end of this 3-month period.
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AMZN Signals & Forecast
Mostly positive signals in the chart today. Some may claim that when the sun shines too bright there is rain ahead, but you should always take into consideration the time of the year.
A sell signal from a double top formation was found on Thursday, May 09, 2024 and based on theory for this formation the price should fall by -12.92% to $157.39 within 20 trading days since signal was issued (Tuesday, May 28, 2024).
Support, Risk & Stop-loss for Amazon stock
Amazon finds support from accumulated volume at $179.00 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 $2.13 (1.18%) between high and low. For the last week, the stock has had daily average volatility of 1.76%.
Amazon is oversold on RSI14 (22). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: $172.34 (-4.65%) (This stock has low daily movements and this gives low risk. Low RSI14 is 22 which reduces the risk some. There is a sell signal from a pivot top found 21 days ago.)
Trading Expectations (AMZN) For The Upcoming Trading Day Of Tuesday 28th
For the upcoming trading day on Tuesday, 28th we expect Amazon.com, Inc. to open at $181.16, and during the day (based on 14 day Average True Range), to move between $176.89 and $184.61, which gives a possible trading interval of +/-$3.86 (+/-2.13%) up or down from last closing price. If Amazon.com, Inc. takes out the full calculated possible swing range there will be an estimated 4.27% 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 (0.12%) than the support at $179.00 (0.97%), 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?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.645 Buy Candidate Upgraded
Predicted Opening Price for Amazon.com, Inc. of Tuesday, May 28, 2024
| Fair opening price May 28, 2024 | Current price |
|---|---|
| $181.16 ( 0.228%) | $180.75 |
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 | 183.30 | 1.41 % | |
| R2 | 182.48 | 0.96 % | ||
| R1 | 181.98 | 0.679 % | ||
| Current price: | 180.75 | |||
| Support | S1 | 180.35 | -0.223 % | |
| S2 | 179.84 | -0.502 % | ||
| S3 | 179.03 | -0.95 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 185.99 | 2.90 % | |
| R2 | 184.72 | 2.20 % | ||
| R1 | 180.96 | 0.116 % | ||
| Current price | 180.75 | |||
| Support | S1 | 179.00 | -0.97% | |
| S2 | 175.00 | -3.18% | ||
| S3 | 174.42 | -3.50% |
FAQ
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