Stronger technical forecast for Amazon stock price after Tuesday trading.

The Amazon stock price gained 4.50% on the last trading day (Tuesday, 4th Oct 2022), rising from $115.88 to $121.09. It 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 2.68% from a day low at $119.79 to a day high of $123.00. The price has fallen in 6 of the last 10 days and is down by -0.9% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 12 million more shares were traded than the day before. In total, 63 million shares were bought and sold for approximately $7.59 billion.

The last rating was given by B of A Securities on Oct 03, 2022. The price target was changed from 170 to 157.Over the last 90 days, this security got 15 buy, 12 sell, and 0 hold ratings.

The stock is moving within a very 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 $114.93 and $148.42 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.

A buy signal was issued from a pivot bottom point on Friday, September 30, 2022, and so far it has risen 7.16%. 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. The Amazon stock holds a buy signal from the short-term moving average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term moving average at $127.02. On a fall, the stock will find some support from the short-term average at $116.05. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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 $114.33 and $113.55.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 $114.33. If this is broken, then the next support from accumulated volume will be at $113.55 and $113.50.

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 $3.21 between high and low, or 2.68%. For the last week, the stock has had daily average volatility of 3.45%.

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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.