Amazon stock upgraded from Hold/Accumulate to Buy Candidate after Monday trading session. (Updated on August 30, 2021)
Buy or Hold candidate since 2021-08-25 Gain 3.71% PDF
The Amazon stock price gained 2.15% on the last trading day (Monday, 30th Aug 2021), rising from $3 349.63 to $3 421.57. , and has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 2.68% from a day low at $3 355.22 to a day high of $3 445.00. The price has risen in 6 of the last 10 days and is up by 3.72% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 870 thousand more shares were traded than the day before. In total, 3 million shares were bought and sold for approximately $10.75 billion.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Amazon stock with a 90% probability to be traded between $3 140.95 and $3 654.56 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, August 19, 2021, and so far it has risen 7.33%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). 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 $3 424.68. On a fall, the stock will find some support from the short-term average at $3 308.28. 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.
Support, Risk & Stop-loss
Amazon finds support from accumulated volume at $3 415.25 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $89.78 between high and low, or 2.68%. For the last week the stock has had a daily average volatility of 1.45%.
Our recommended stop-loss: $3 289.74 (-3.85%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 7 days ago.)
Is Amazon.com, Inc. stock A Buy?
Several short-term signals 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 period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.301
Predicted Opening Price for Amazon.com, Inc. of Tuesday, August 31, 2021
The predicted opening price is based on yesterdays movements between high, low, and the closing price.
|Fair opening price August 31, 2021||Current price|
|$3 407.26||$3 421.57 (Overvalued)|
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On July 30, 2021 Jefferies Financial Group gave $4,200.00 rating for AMZN. The price target was changed from $3,354.98 to 6.8%.
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