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The Amazon stock price gained 0.13% on the last trading day (Wednesday, 24th Aug 2022), rising from $133.62 to $133.80. , and has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.55% from a day low at $132.10 to a day high of $135.47. The price has been going up and down for this period, and there has been a -6.23% loss 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, 2 million more shares were traded than the day before. In total, 39 million shares were bought and sold for approximately $5.16 billion.
Deutsche Bank is very positive about AMZN and gave it a "$155.00 - $175.00" rating on Jul 29, 2022. The price target was changed from 155 to 175.Over the last 90 days, this security got 17 buy, 22 sell, and 0 hold ratings.
The stock lies in the middle of a 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 27.93% during the next 3 months and, with a 90% probability hold a price between $160.38 and $189.21 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 $138.29. On a fall, the stock will find some support from the long-term average at approximately $128.89. 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. 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 Tuesday, August 16, 2022, and so far it has fallen -7.58%. Further fall is indicated until a new bottom pivot has been found. 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 $124.79 and $121.68.There is 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 $124.79. If this is broken, then the next support from accumulated volume will be at $121.68 and $120.21.
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 $3.37 between high and low, or 2.55%. For the last week, the stock has had a daily average volatility of 2.14%.
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.