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Amazon stock upgraded to Buy Candidate.

StockInvest.us, 3 months ago

Amazon

The Amazon stock price gained 3.58% on the last trading day (Friday, 24th Jun 2022), rising from $112.44 to $116.46. , and has now gained 6 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 day the stock fluctuated 4.74% from a day low at $111.43 to a day high of $116.71. The price has risen in 6 of the last 10 days and is up by 0.27% 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, 4 million more shares were traded than the day before. In total, 70 million shares were bought and sold for approximately $8.16 billion.

The last rating was given by Evercore ISI Group on Jun 24, 2022. The price target was changed from 205 to 180.Over the last 90 days, this security got 3 buy, 31 sell, and 0 hold ratings.

Given the current short-term trend, the stock is expected to fall -35.94% during the next 3 months and, with a 90% probability hold a price between $60.81 and $74.60 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.

Amazon

The Amazon stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $109.15 and $112.05. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 14, 2022, and so far it has risen 13.83%. 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 $116.41 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $5.28 between high and low, or 4.74%. For the last week, the stock has had a daily average volatility of 5.27%.

Since the Amazon has been rising for 6 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.

Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for 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.

Check full Amazon forecast and analysis here.