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The Amazon stock price gained 0.95% on the last trading day (Thursday, 6th Apr 2023), rising from $101.10 to $102.06. During the last trading day the stock fluctuated 2.59% from a day low at $99.80 to a day high of $102.38. The price has been going up and down for this period, and there has been a 3.39% gain for the last 2 weeks. Volume fell on the last day by -1 million shares and in total, 44 million shares were bought and sold for approximately $4.47 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Truist Financial is very positive about AMZN and gave it a "" rating on Sep 28, 2022. The price target was set to 170.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Amazon stock with a 90% probability to be traded between $93.12 and $116.60 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
Mostly positive signals in the chart today. The Amazon stock holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $102.15. On a fall, the stock will find some support from the long-term average at approximately $96.95. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Friday, March 10, 2023, and so far it has risen 12.49%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Amazon finds support from accumulated volume at $98.95 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 $2.58 between high and low, or 2.59%. For the last week, the stock has had daily average volatility of 2.22%.
Several short-term signals 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 period.
Check full Amazon forecast and analysis here.