Amazon stock upgraded to Strong Buy Candidate.StockInvest.us, 2 weeks ago
The Amazon stock price gained 2.71% on the last trading day (Friday, 9th Feb 2024), rising from $169.84 to $174.45. During the last trading day the stock fluctuated 2.59% from a day low at $170.58 to a day high of $175.00. The price has been going up and down for this period, and there has been a 9.63% gain 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, 14 million more shares were traded than the day before. In total, 56 million shares were bought and sold for approximately $9.84 billion.
On Feb 02, 2024, it was reported that Needham gave AMZN a "Buy" grade with a "hold" action.
The stock has broken the strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $167.26, a level that may pose a second chance to hit a runner. According to fan-theory $180.79 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
Mostly positive signals in the chart today. 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 $169.34 and $156.65. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, January 04, 2024, and so far it has risen 20.67%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Amazon finds support from accumulated volume at $171.81 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $4.42 between high and low, or 2.59%. For the last week, the stock has had daily average volatility of 1.72%.
The Amazon stock is extremely overbought on RSI14 (76). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. 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 period.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.Check full Amazon forecast and analysis here.