Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
AMZN stock price has been struggling to maintain above the $130 recovery level. Amazon stock price must attract buyers or else sellers may approach to short Amazon shares.
However, AMZN share price has gained around 0.50% in the pre-market session. Investors in Amazon shares need to be cautious as sellers may approach anytime now to short the market for AMZN stock price.
AMZN stock price was at $129.04 and lost 0.11% of its market capitalization during Wednesday’s trading session.
Will AMZN Stock Price Sustain at $130?
Amazon stock price needs the buyers to maintain the accumulation rate in order to sustain at the $130 level. Meanwhile, AMZN share price is trying to maintain above 20, 50, 100 and 200-days Daily Moving Averages (DMA). Nevertheless, analysts speculate that AMZN shares may get rejected from the distribution phase and could start slipping by the end of this week.
However, Amazon stock price has gained around 2.71% in a week and 11.20% in a month. AMZN shares surged by around 27.07% in the last three months and 55.25% in the last six months of trade.
Moreover, Amazon stock price has soared by around 50.99% year to date confirming the facts of Amazon share’s maximum recovery during 2023. In addition, the share price of Amazon.com, Inc. has recovered around 13.69% in a year.
Amazon.com, Inc. (NASDAQ: AMZN): Technical Analysis
Technical indicators point toward the decline of AMZN stock price over the daily time frame chart. Relative strength index suggests sustaining might be an issue for AMZN shares. RSI was at 63 and is trying to stay below the overbought territory.
MACD exhibits the downtrend momentum of AMZN share price. The MACD line is below the signal line waiting for any type of crossover. Investors in Amazon(dot)com (NASDAQ: AMZN) shares need to wait until the AMZN share price sustains at the upper level.
Summary
AMZN stock price has been struggling to sustain at the current level to maintain above $130 recovery level over the charts. However, AMZN share price gained around 0.50% pre-market. Analysts speculate that AMZN shares may get rejected from the distribution phase and could slip by the end of this week.
Technical indicators point toward the decline of AMZN stock price over the daily time frame chart. Investors in Amazon.com (NASDAQ: AMZN) shares need to wait until the AMZN share price sustains at the upper level.
Technical Levels
Resistance Levels: $130.00 and $133.55
Support Levels: $125.00 and $121.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/06/29/amazon-nasdaq-amzn-amzn-stock-price-about-to-slide/