Green day on Tuesday for Amazon

The Amazon stock price gained 1.55% on the last trading day (Tuesday, 2nd May 2023), rising from $102.05 to $103.63. During the last trading day the stock fluctuated 2.72% from a day low at $101.15 to a day high of $103.90. The price has been going up and down for this period, and there has been a 1.3% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 636 thousand more shares were traded than the day before. In total, 72 million shares were bought and sold for approximately $7.49 billion.

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 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 8.27% during the next 3 months and, with a 90% probability hold a price between $103.70 and $119.36 at the end of this 3-month period.

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 $104.96. On a fall, the stock will find some support from the long-term average at approximately $101.54. 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. 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 Thursday, April 27, 2023, and so far it has fallen -5.64%. Further fall is indicated until a new bottom pivot has been found.

Amazon finds support from accumulated volume at $103.39 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 $2.75 (2.72%) between high and low. For the last week, the stock has had daily average volatility of 3.44%.

Amazon holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.