Amazon Stock Forecast

Amazon stock upgraded from Sell Candidate to Buy Candidate after Tuesday trading session.
(Updated on Apr 23, 2024)

AMZN Signals & Forecast

The Amazon stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $179.83. On a fall, the stock will find some support from the long-term average at approximately $179.45. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Thursday, April 11, 2024, and so far it has fallen -5.03%. 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).

Support, Risk & Stop-loss for Amazon stock

Amazon finds support from accumulated volume at $174.42 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 $3.96 (2.25%) between high and low. For the last week, the stock has had daily average volatility of 2.53%.

Our recommended stop-loss: $170.01 (-5.31%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 8 days ago.)

Trading Expectations (AMZN) For The Upcoming Trading Day Of Wednesday 24th

For the upcoming trading day on Wednesday, 24th we expect Amazon.com, Inc. to open at $178.48, and during the day (based on 14 day Average True Range), to move between $175.65 and $183.43, which gives a possible trading interval of +/-$3.89 (+/-2.17%) up or down from last closing price. If Amazon.com, Inc. takes out the full calculated possible swing range there will be an estimated 4.33% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $180.00 (0.26%) than the support at $174.42 (2.85%), 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 short-term signals, along with a general good trend, are positive and 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.

Current score: 4.397 Buy Candidate Upgraded

Predicted Opening Price for Amazon.com, Inc. of Wednesday, April 24, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.