Sign In
The Amazon stock price gained 1.11% on the last trading day (Friday, 7th Jul 2023), rising from $128.36 to $129.78. During the last trading day the stock fluctuated 2.22% from a day low at $128.13 to a day high of $130.97. The price has fallen in 6 of the last 10 days and is down by -0.28% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 77 thousand more shares were traded than the day before. In total, 40 million shares were bought and sold for approximately $5.22 billion.
Truist Financial is very positive about AMZN. The price target was set to 170 (Sep 28, 2022).
The stock lies in the middle of a strong 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 34.18% during the next 3 months and, with a 90% probability hold a price between $171.66 and $180.79 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 $129.43 and $124.19. 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 Wednesday, July 05, 2023, and so far it has fallen -0.460%. 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 $124.25 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 $2.84 (2.22%) between high and low. For the last week, the stock has had daily average volatility of 1.56%.
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.
Check full Amazon forecast and analysis here.