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

The Amazon stock price gained 3.35% on the last trading day (Wednesday, 10th May 2023), rising from $106.62 to $110.19. It has now gained 7 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 2.42% from a day low at $108.05 to a day high of $110.67. The price has risen in 8 of the last 10 days and is up by 4.96% 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, 34 million more shares were traded than the day before. In total, 77 million shares were bought and sold for approximately $8.49 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 upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $111.75 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 13.04% during the next 3 months and, with a 90% probability hold a price between $112.76 and $126.33 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 $105.65 and $102.90. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, May 01, 2023, and so far it has risen 7.98%. 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 $109.82 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 $2.62 (2.42%) between high and low. For the last week, the stock has had daily average volatility of 1.89%.

Since the Amazon has been rising for 7 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

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.