Amazon Stock Price – Last seven days’ analysis
Amazon is one of those stocks that attract many investors. AMZ is a part of an elite group of stocks known as the FAANG (Facebook, Amazon, Apple, Netflix, Google). Together they have a market cap of $5.1 Trillion, making 35% of the overall NASDAQ Index.
As the pandemic boosted the demand for online purchases, the E-commerce giant stock price sees growth, and its owner Jeff Bezos is now worth an estimated $200 billion.
But is this the best time to buy NASDAQ: AMZ?
The simple answer is yes. Currently, the Amazon stock price is at $3255. Since March, the price is between $3100 and $3500. According to the last seven-day analysis, the AMZ stock price lingers between $3100 and $3500. The price hit an all-time high on September 2, 2020, at $3552.25. However, the price touches the support level on September 8, 2020, opening temporary short positions.
According to Cowen’s analysis, the Amazon’s stock price can well reach over $4000 by the end of 2020, and the IBD Stock check tool shows a rating of 99. This makes AMZ number 1 in the internet industry, followed by Alibaba and eBay.
The TradeStation analysis shows that AMZ is holding a bullish triangle at $3250, and the Stochastics is illustrating oversold conditions. This is an excellent opportunity for entering the market and holding the buy positions for the long-term.
Some analysts suggest that there could be a rise in the next two months, which of course, is the presidential election season. So, investing in AMZ stock is a way to go.