Amazon stock upgraded from Sell Candidate to Buy Candidate after Tuesday trading session.

The Amazon stock price gained 1.30% on the last trading day (Tuesday, 23rd Apr 2024), rising from $177.23 to $179.54. During the last trading day the stock fluctuated 2.25% from a day low at $175.98 to a day high of $179.93. The price has fallen in 6 of the last 10 days and is down by -3.3% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 36 million shares were bought and sold for approximately $6.42 billion.

On Apr 23, 2024, it was reported that BMO Capital gave AMZN a "Outperform" grade with a "hold" action.

The stock lies in the middle of a strong 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 13.05% during the next 3 months and, with a 90% probability hold a price between $198.22 and $216.95 at the end of this 3-month period.

The Amazon stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $179.83. On a fall, the stock will find some support from the long-term average at approximately $179.45. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Thursday, April 11, 2024, and so far it has fallen -5.03%. 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 $174.42 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 $3.96 (2.25%) between high and low. For the last week, the stock has had daily average volatility of 2.53%.

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 Sell to a Buy candidate.