Amazon Stock Analysis

Amazon (AMZN) is a highly traded stock in the market, with a current price of $248.66 and a 24-hour change of -0.26%. The trend for AMZN is currently bearish, with a 5-day high of $251.75 and a 5-day low of $238.49. In this analysis, we will take a closer look at the technical outlook, support and resistance levels, and provide a short-term trading forecast for AMZN.

Market Overview

Amazon is a leading e-commerce and cloud computing company, known for its wide range of products and services. With a market cap of over $1 trillion, it is one of the largest companies in the world. AMZN has been a top performer in the stock market, consistently showing strong growth and innovation.

Technical Analysis

Looking at the technical indicators, AMZN is currently trading below its 50-day moving average, indicating a short-term bearish trend. The Relative Strength Index (RSI) is also below 50, further supporting the bearish outlook. However, the stock has strong support at $238.49, which has held up during previous dips in the price.

Trading Outlook

Based on the technical analysis, the short-term outlook for AMZN is bearish. Traders should be cautious and consider selling positions if the stock breaks below the support level of $238.49. On the other hand, if the stock can break above the resistance level of $251.75, it could signal a potential uptrend and traders may consider buying positions.