The American eCommerce platform has had a rough start to 2022 as at the time of publication; its stock is down -$630.64 (-18.50%) year to date. AMZN’s market performance is below average, and recent developments are not encouraging, as both the medium and short-term outlooks appear bearish. Notably, AMZN shares are trading below their 20-day, 50-day, and 200-day simple moving averages (SMA), which stock trading investors typically use to identify an uptrend or downtrend, which suggests bearish momentum for the meantime. Prices have been decreasing sharply recently; it is prudent to avoid new long positions here as the movement has been a little too erratic to locate a solid entry and exit point.
Wall Street’s verdict
Based on the price estimates of the 30 TipRanks experts’ stock recommendations for AMZN over the past three months, all 30 say that investors should “Buy,” while none recommend that investors should “Hold” or “Sell.”
Tech stocks feeling downwards pressure
In light of the current bearish sentiments for the Nasdaq, which is lower than the level of market sentiment at the peak of the market crisis in March 2020, tech stocks have taken a beating. When looking at the big tech stock price declines from their respective three-month highs, the world’s 5th most visited website has fallen the most from the group known as GAFAM, down 21.8% from its three month-high on November 18 as of January 24, and that number has only increased over the last few days. The stock plunged 12% last week as a larger market sell-off weighed on technology equities, resulting in the company’s worst week since December 21, 2018, when the stock plunged 13.4%. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
