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Amazon stock upgraded to Strong Buy Candidate.

StockInvest.us, 1 month ago

Amazon

The Amazon stock price gained 0.798% on the last trading day (Thursday, 9th May 2024), rising from $188.00 to $189.50. During the last trading day the stock fluctuated 2.27% from a day low at $187.44 to a day high of $191.70. The price has risen in 8 of the last 10 days and is up by 9.11% 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, 17 million more shares were traded than the day before. In total, 42 million shares were bought and sold for approximately $8.02 billion.

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 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 7.90% during the next 3 months and, with a 90% probability hold a price between $189.90 and $209.01 at the end of this 3-month period.

Amazon

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 $186.41 and $181.88. 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 9.11%. 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.

On the downside, the stock finds support just below today's level from accumulated volume at $179.00 and $175.00.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Amazon finds support just below today's level at $179.00. If this is broken, then the next support from accumulated volume will be at $175.00 and $174.42.

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 $4.26 between high and low, or 2.27%. For the last week, the stock has had daily average volatility of 1.64%.

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.

Check full Amazon forecast and analysis here.