Amazon stock price ended on $128.91 on Thursday after gaining 0.546%

The Amazon stock price gained 0.546% on the last trading day (Thursday, 3rd Aug 2023), rising from $128.21 to $128.91. During the last trading day the stock fluctuated 2.71% from a day low at $126.41 to a day high of $129.84. The price has risen in 6 of the last 10 days but is still down by -0.81% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 15 million more shares were traded than the day before. In total, 63 million shares were bought and sold for approximately $8.18 billion.

Truist Financial is very positive about AMZN. The price target was set to 170 (Sep 28, 2022).

The stock lies in the lower part of a strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $128.27 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the stock is expected to rise 21.04% during the next 3 months and, with a 90% probability hold a price between $155.26 and $169.05 at the end of this 3-month period.

Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Amazon stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $130.16 and $129.66. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, July 19, 2023, and so far it has fallen -4.77%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Amazon finds support from accumulated volume at $124.25 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $3.43 (2.71%) between high and low. For the last week, the stock has had daily average volatility of 2.18%.

The Amazon stock holds several negative signals and despite the positive trend, we believe Amazon will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.