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The Amazon stock price gained 1.96% on the last trading day (Wednesday, 19th Apr 2023), rising from $102.30 to $104.30. During the last trading day the stock fluctuated 3.68% from a day low at $101.39 to a day high of $105.12. The price has risen in 6 of the last 10 days and is up by 0.34% 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, 19 million more shares were traded than the day before. In total, 58 million shares were bought and sold for approximately $6.08 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 is moving within a 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 $92.51 and $115.56 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.
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 $101.71 and $98.41. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, March 10, 2023, and so far it has risen 14.96%. 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).
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 $3.73 (3.68%) between high and low. For the last week, the stock has had daily average volatility of 2.88%.
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.