Amazon stock upgraded to Hold/Accumulate.

The Amazon stock price gained 2.29% on the last trading day (Wednesday, 1st May 2024), rising from $175.00 to $179.00. During the last trading day the stock fluctuated 4.87% from a day low at $176.56 to a day high of $185.15. The price has been going up and down for this period, and there has been a -1.26% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 8 million more shares were traded than the day before. In total, 93 million shares were bought and sold for approximately $16.57 billion.

On May 01, 2024, it was reported that Loop Capital Markets 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 6.79% during the next 3 months and, with a 90% probability hold a price between $186.31 and $204.87 at the end of this 3-month period.

A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 3.07%. 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. The Amazon stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $179.95. On a fall, the stock will find some support from the short-term average at $177.77. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Amazon finds support from accumulated volume at $175.00 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 $8.59 (4.87%) between high and low. For the last week, the stock has had daily average volatility of 3.69%.

Amazon holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.