Stronger technical forecast for Amazon stock price after Friday trading.

The Amazon stock price gained 2.82% on the last trading day (Friday, 5th Apr 2024), rising from $180.00 to $185.07. During the last trading day the stock fluctuated 2.36% from a day low at $181.97 to a day high of $186.27. The price has risen in 7 of the last 10 days and is up by 3.88% 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, 1 million more shares were traded than the day before. In total, 42 million shares were bought and sold for approximately $7.77 billion.

On Apr 03, 2024, it was reported that Bank of America Securities gave AMZN a "Buy" grade with a "hold" action.

The stock lies in the middle of a 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 19.02% during the next 3 months and, with a 90% probability hold a price between $211.90 and $230.58 at the end of this 3-month period.

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 $181.34 and $176.24. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, March 11, 2024, and so far it has risen 7.62%. 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 is rising along with the price. This is considered to be a good technical signal.

On the downside, the stock finds support just below today's level from accumulated volume at $174.42 and $171.81.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 $174.42. If this is broken, then the next support from accumulated volume will be at $171.81 and $159.28.

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 $4.30 between high and low, or 2.36%. For the last week the stock has had daily average volatility of 1.98%.

Amazon holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.