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The Amazon stock price gained 0.92% on the last trading day (Wednesday, 13th Dec 2023), rising from $147.48 to $148.84. During the last trading day the stock fluctuated 1.80% from a day low at $146.82 to a day high of $149.46. The price has risen in 6 of the last 10 days and is up by 1.72% 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, 8 million more shares were traded than the day before. In total, 51 million shares were bought and sold for approximately $7.57 billion.
On Dec 01, 2023, it was reported that Oppenheimer gave AMZN a "Outperform" grade with a "hold" action.
The stock lies in the middle of a very wide and 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 14.45% during the next 3 months and, with a 90% probability hold a price between $149.39 and $189.58 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 $146.84 and $141.91. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, October 26, 2023, and so far it has risen 24.48%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
On the downside, the stock finds support just below today's level from accumulated volume at $140.39 and $127.74.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 $140.39. If this is broken, then the next support from accumulated volume will be at $127.74 and $125.98.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $2.64 between high and low, or 1.80%. For the last week the stock has had daily average volatility of 1.70%.
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.