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

The Amazon stock price gained 4.67% on the last trading day (Thursday, 13th Apr 2023), rising from $97.83 to $102.40. During the last trading day the stock fluctuated 3.91% from a day low at $98.71 to a day high of $102.57. The price has risen in 6 of the last 10 days and is up by 2.14% 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, 11 million more shares were traded than the day before. In total, 68 million shares were bought and sold for approximately $6.94 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 is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Amazon stock with a 90% probability to be traded between $91.60 and $114.23 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.

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 $101.35 and $97.42. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Tuesday, April 04, 2023, and so far it has fallen -1.49%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Amazon finds support from accumulated volume at $102.11 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 $3.86 (3.91%) between high and low. For the last week, the stock has had daily average volatility of 2.80%.

Several short-term signals 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 period.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.