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

StockInvest.us, 4 weeks ago

Amazon

The Amazon stock price fell by -0.166% on the last day (Friday, 24th May 2024) from $181.05 to $180.75. It has now fallen 5 days in a row. During the last trading day the stock fluctuated 1.18% from a day low at $180.30 to a day high of $182.44. The price has fallen in 8 of the last 10 days and is down by -3.59% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -6 million shares and in total, 26 million shares were bought and sold for approximately $4.79 billion.

On May 23, 2024, it was reported that MoffettNathanson gave AMZN a "Buy" grade with a "hold" action.

The stock lies in the middle of a 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 5.82% during the next 3 months and, with a 90% probability hold a price between $187.55 and $205.62 at the end of this 3-month period.

Amazon

Mostly positive signals in the chart today. Some may claim that when the sun shines too bright there is rain ahead, but you should always take into consideration the time of the year.

Amazon finds support from accumulated volume at $179.00 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 $2.13 (1.18%) between high and low. For the last week, the stock has had daily average volatility of 1.76%.

Amazon is oversold on RSI14 (22). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.

Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Check full Amazon forecast and analysis here.