Amazon stock price ended on $155.34 on Friday after gaining 1.20%

StockInvest.us, 1 month ago

Amazon

The Amazon stock price gained 1.20% on the last trading day (Friday, 19th Jan 2024), rising from $153.50 to $155.34. During the last trading day the stock fluctuated 1.98% from a day low at $152.74 to a day high of $155.76. The price has risen in 7 of the last 10 days and is up by 7.45% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 8 million more shares were traded than the day before. In total, 45 million shares were bought and sold for approximately $7.03 billion.

On Dec 21, 2023, it was reported that Wedbush gave AMZN a "Outperform" grade with a "hold" action.

The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 17.67% during the next 3 months and, with a 90% probability hold a price between $167.53 and $191.18 at the end of this 3-month period.

Amazon

The Amazon stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $153.89 and $150.14. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, January 04, 2024, and so far it has risen 7.45%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Amazon finds support from accumulated volume at $149.97 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 $3.02 (1.98%) between high and low. For the last week, the stock has had daily average volatility of 1.61%.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Amazon stock to perform well in the short-term.

Check full Amazon forecast and analysis here.