Amazon stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.

The Amazon stock price gained 3.03% on the last trading day (Friday, 21st Apr 2023), rising from $103.81 to $106.96. During the last trading day the stock fluctuated 2.92% from a day low at $105.08 to a day high of $108.15. The price has risen in 6 of the last 10 days and is up by 4.8% 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, 29 million more shares were traded than the day before. In total, 87 million shares were bought and sold for approximately $9.27 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 2.17% during the next 3 months and, with a 90% probability hold a price between $93.86 and $117.53 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 $103.57 and $99.16. 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 17.89%. 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 $103.39 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 $3.07 (2.92%) between high and low. For the last week, the stock has had daily average volatility of 2.66%.

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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.