Amazon stock price ended on $168.59 on Wednesday after gaining 0.90%

The Amazon stock price gained 0.90% on the last trading day (Wednesday, 21st Feb 2024), rising from $167.08 to $168.59. During the last trading day the stock fluctuated 1.85% from a day low at $167.14 to a day high of $170.23. The price has fallen in 6 of the last 10 days and is down by -0.33% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 42 million shares were bought and sold for approximately $7.07 billion.

On Feb 02, 2024, it was reported that Needham gave AMZN a "Buy" 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 17.35% during the next 3 months and, with a 90% probability hold a price between $186.08 and $208.31 at the end of this 3-month period.

The Amazon stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $169.56. On a fall, the stock will find some support from the long-term average at approximately $159.95. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Friday, February 09, 2024, and so far it has fallen -3.36%. 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).

On the downside, the stock finds support just below today's level from accumulated volume at $149.97 and $147.42.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Amazon finds support just below today's level at $149.97. If this is broken, then the next support from accumulated volume will be at $147.42 and $146.88.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $3.09 between high and low, or 1.85%. For the last week, the stock has had daily average volatility of 1.89%.

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.