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Amazon stock upgraded to Buy Candidate.

StockInvest.us, 1 month ago


The Amazon stock price gained 3.20% on the last trading day (Thursday, 2nd May 2024), rising from $179.00 to $184.72. During the last trading day the stock fluctuated 2.88% from a day low at $179.91 to a day high of $185.09. The price has risen in 6 of the last 10 days and is up by 3.07% over the past 2 weeks. Volume fell on the last day by -39 million shares and in total, 53 million shares were bought and sold for approximately $9.81 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

On May 02, 2024, it was reported that HSBC 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 6.93% during the next 3 months and, with a 90% probability hold a price between $186.80 and $205.43 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, 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 $178.51 and $180.18. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 6.36%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. 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 $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 $5.18 (2.88%) between high and low. For the last week, the stock has had daily average volatility of 3.35%.

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 Hold/Accumulate to a Buy candidate.

Check full Amazon forecast and analysis here.