Amazon stock upgraded from Buy Candidate to Strong Buy Candidate after Thursday trading session.

The Amazon stock price gained 4.61% on the last trading day (Thursday, 27th Apr 2023), rising from $104.98 to $109.82. During the last trading day the stock fluctuated 3.79% from a day low at $106.80 to a day high of $110.85. The price has risen in 6 of the last 10 days and is up by 7.25% 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, 40 million more shares were traded than the day before. In total, 112 million shares were bought and sold for approximately $12.34 billion.

Truist Financial is very positive about AMZN and gave it a "" rating on Sep 28, 2022. The price target was set to 170.

The stock lies in the middle of a very wide and weak 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 4.18% during the next 3 months and, with a 90% probability hold a price between $97.18 and $122.29 at the end of this 3-month period.

Mostly positive signals in the chart today. 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 $105.52 and $100.52. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, March 10, 2023, and so far it has risen 21.04%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

On the downside, the stock finds support just below today's level from accumulated volume at $103.39 and $102.11.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 $103.39. If this is broken, then the next support from accumulated volume will be at $102.11 and $98.95.

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 $4.05 (3.79%) between high and low. For the last week, the stock has had daily average volatility of 3.19%.

Amazon holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.