Amazon stock upgraded to Strong Buy Candidate.

The Amazon stock price gained 2.18% on the last trading day (Thursday, 31st Aug 2023), rising from $135.07 to $138.01. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.78% from a day low at $135.03 to a day high of $138.79. The price has risen in 6 of the last 10 days and is up by 3.01% 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, 24 million more shares were traded than the day before. In total, 58 million shares were bought and sold for approximately $7.98 billion.

On Aug 04, 2023, it was reported that William Blair gave AMZN a "Outperform" grade with a "hold" action.

The stock lies in the middle of a wide and 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 9.66% during the next 3 months and, with a 90% probability hold a price between $145.29 and $159.99 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 $134.54 and $134.09. 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, August 07, 2023, and so far it has fallen -2.96%. 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 $134.68 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 $3.76 (2.78%) between high and low. For the last week, the stock has had daily average volatility of 1.93%.

Amazon holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.