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The Amazon stock price gained 1.82% on the last trading day (Thursday, 1st Jun 2023), rising from $120.58 to $122.77. During the last trading day the stock fluctuated 2.97% from a day low at $119.93 to a day high of $123.49. The price has been going up and down for this period, and there has been a 6.29% gain for the last 2 weeks. Volume fell on the last day by -20 million shares and in total, 51 million shares were bought and sold for approximately $6.28 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 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 $120.09, a level that may pose a second chance to hit a runner. According to fan-theory $129.25 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 $118.84 and $109.70. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, May 01, 2023, and so far it has risen 20.30%. 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 $120.11 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 $3.56 between high and low, or 2.97%. For the last week, the stock has had daily average volatility of 2.97%.
Several short-term signals, along with a general good trend, are positive and the stock has broken the rising trend up, which indicates an even stronger rate of rising. We can 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. Due to a possible false trend-break listing stock as pure buy candidate is held back.
Check full Amazon forecast and analysis here.