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The Amazon stock price gained 0.515% on the last trading day (Thursday, 10th Aug 2023), rising from $137.85 to $138.56. During the last trading day the stock fluctuated 2.12% from a day low at $137.49 to a day high of $140.41. The price has risen in 6 of the last 10 days and is up by 8.04% 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, 4 million more shares were traded than the day before. In total, 52 million shares were bought and sold for approximately $7.17 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 18.21% during the next 3 months and, with a 90% probability hold a price between $154.09 and $169.39 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 $136.47 and $131.62. A breakdown below any of these levels will issue sell signals. 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. 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 -2.57%. Further fall is indicated until a new bottom pivot has been found.
On the downside, the stock finds support just below today's level from accumulated volume at $130.00 and $124.25.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 $130.00. If this is broken, then the next support from accumulated volume will be at $124.25 and $120.11.
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 $2.92 between high and low, or 2.12%. For the last week, the stock has had daily average volatility of 2.38%.
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.