Amazon stock upgraded to Buy Candidate.StockInvest.us, 1 month ago
The Amazon stock price gained 2.66% on the last trading day (Monday, 8th Jan 2024), rising from $145.24 to $149.10. During the last trading day the stock fluctuated 2.22% from a day low at $146.16 to a day high of $149.40. The price has fallen in 7 of the last 10 days and is down by -3.08% 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, 44 million shares were bought and sold for approximately $6.53 billion.
On Dec 21, 2023, it was reported that Wedbush gave AMZN a "Outperform" grade with a "hold" action.
The stock lies in the middle of a wide and 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 20.36% during the next 3 months and, with a 90% probability hold a price between $169.61 and $192.25 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 $148.95 and $148.36. 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 Monday, December 18, 2023, and so far it has fallen -3.23%. 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 $147.42 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 $3.24 (2.22%) between high and low. For the last week, the stock has had daily average volatility of 2.09%.
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.Check full Amazon forecast and analysis here.