AMZN is a part of the Internet & Direct Marketing Retail sector, which includes 81 other stocks, and although it outperforms 85% of them, it fell on Wednesday, closing at $3384 -$29.20 (0.86%). The company has been trading within a relatively broad range of $3303.90 – $3559.88 during the past month. It is now trading amid this range, where prices have been stabilizing lately; this might be an opportunity for an entry point, although some resistance may exist above. Indeed, AMZN does indicate a decent possibility for a profitable setup. Price consolidation has occurred recently, and volatility has been lessened as a result. Traders may test a support zone below the current price, around $3358.45.
Should investors be wary?
Nevertheless, the short-term trend is negative, as AMZN shares are trading below their 20-day simple moving averages (SMA), which is a bearish sign for those looking to purchase the stock. With that being said, the long-term trend is neutral as shares are trading above both their 50-day and 200-day SMA lines by a little more than 3% each.
Wall Street forecasts
Furthermore, based on the price projections of the 30 TipRanks experts’ stock recommendations for AMZN over the previous three months, all 30 advocate to ‘Buy,’ while none favor to ‘Hold,’ or to ‘Sell.’
AMZN top pick for 2022 as per leading analyst
The analyst stated: Sebastian added: Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
