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

The Amazon stock price gained 0.94% on the last trading day (Thursday, 11th Jan 2024), rising from $153.73 to $155.18. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.64% from a day low at $153.12 to a day high of $157.17. The price has risen in 6 of the last 10 days and is up by 1.2% 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, 5 million more shares were traded than the day before. In total, 49 million shares were bought and sold for approximately $7.57 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 19.58% during the next 3 months and, with a 90% probability hold a price between $169.67 and $194.36 at the end of this 3-month period.

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 $149.67 and $149.10. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, October 26, 2023, and so far it has risen 29.78%. 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 $4.05 (2.64%) between high and low. For the last week, the stock has had daily average volatility of 2.06%.

Amazon holds several positive signals and is within a strong 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.