- The AMZN stock price is currently at $127.74.
- The price is currently facing rejection from the 50-day and 100-day EMAs.
Amazon Inc. (NASDAQ: AMZN) is an online retailer and web service-providing company. The firm focuses on e-commerce, cloud computing, and Artificial intelligence. The company deals in the sales of products on online platforms. The organization runs through three segments: North America, International, and Amazon Web Service. It is among the large-cap American companies with a market capitalization of $1.311 Trillion.
What’s Going on With the AMZN Stock Price?
On 26 October 2023, Amazon announced its Q3 2023 earnings, which showed a strong growth in its financial performance. The company surpassed its estimated revenue and earnings per share. This helped the AMZN stock price to gain 6.83% in its last intraday session.
Amazon Inc. (AMZN) Stock Analysis
The AMZN stock price closed its last intraday session at $127.74 with a surge of 6.83% in its last intraday session. The stock was recorded trading with a volume of 125.309 Million.
Price Analysis of AMZN Stock on the Daily Timeframe
The AMZN stock price was sustained above the $124.00 support level in June 2023. Recently, the price gave the breakdown of the $124.00 support level and started to fall. However, the company reported its Q3 results and the stock price reclaimed the $124.00 level and it is currently sustaining above this level.
The price retested the 50-day and 100-day EMAs on the same trading day and formed a shooting star candle, which is a bearish candle. It is also trading below the EMAs, which is again a bearish sign.
The relative strength index (RSI) is at 48.67. The RSI line has a stiff upward slope which shows the high buying pressure being applied by the bulls. The volume bar has also spiked up, indicating the strong buying and price momentum in the last trading session.
The bulls are trying to regain their lost control. However, the sellers are not letting the buyers gain control of the price. If the next candle closes below the current candle low, a follow-up momentum can arrive in favor of the sellers. This will enable the price to retest the $124.00 support again.
If the price gives the breakdown of the $124.00 level, it will fall to its support at $113.00 and it will also fill the gap. For the continuation of the fall, it must close below the $113 support level. After this, the price may continue its fall to its next support at $95.94.
The buyers are trying to gain control but are facing problems in making the price rise. They have to make the price close above the EMAs, which will make the buyers regain their lost control. If the price gives the breakout of the $133.16 level, it may rise to its next resistance at $146.05.
Conclusion
The overall sentiment around the AMZN stock price is bearish. The future prediction of the AMZN stock price is bearish as long as the price is sustained below the $133.16 resistance level and the EMAs. If the next candle closes below the current candle, the price can resume its downtrend.
Technical levels
Resistance Levels: $133.16 and $146.05.
Support Levels: $124.00, $113.00, and $95.94.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.