Amazon stock upgraded from Buy Candidate to Strong Buy Candidate after Wednesday trading session.StockInvest.us, 1 month ago
The Amazon stock price gained 4.00% on the last trading day (Wednesday, 3rd Aug 2022), rising from $134.16 to $139.52. During the day the stock fluctuated 3.26% from a day low at $136.05 to a day high of $140.49. The price has risen in 6 of the last 10 days and is up by 13.64% 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, 10 million more shares were traded than the day before. In total, 72 million shares were bought and sold for approximately $10.00 billion.
Deutsche Bank is very positive about AMZN and gave it a "$155.00 - $175.00" rating on Jul 29, 2022. The price target was changed from 155 to 175.Over the last 90 days, this security got 17 buy, 22 sell, and 0 hold ratings.
Given the current short-term trend, the stock is expected to rise 9.69% during the next 3 months and, with a 90% probability hold a price between $119.64 and $153.04 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 $128.87 and $115.77. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 14, 2022, and so far it has risen 36.37%. 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.
Amazon finds support from accumulated volume at $134.95 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $4.44 between high and low, or 3.26%. For the last week, the stock has had a daily average volatility of 3.55%.
The Amazon stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
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.Check full Amazon forecast and analysis here.