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Stronger technical forecast for Amazon stock price after Wednesday trading.

StockInvest.us, 1 month ago

Amazon

The Amazon stock price gained 3.53% on the last trading day (Wednesday, 10th Aug 2022), rising from $137.83 to $142.69. During the last trading day the stock fluctuated 2.55% from a day low at $141.01 to a day high of $144.60. The price has risen in 6 of the last 10 days and is up by 17.95% 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, 14 million more shares were traded than the day before. In total, 54 million shares were bought and sold for approximately $7.77 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 upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $143.45 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 19.75% during the next 3 months and, with a 90% probability hold a price between $140.34 and $171.78 at the end of this 3-month period.

Amazon

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 $139.57 and $120.76. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 14, 2022, and so far it has risen 39.47%. 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 $134.95 and $124.79.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 $134.95. If this is broken, then the next support from accumulated volume will be at $124.79 and $120.21.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $3.59 between high and low, or 2.55%. For the last week, the stock has had a daily average volatility of 2.81%.

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 Buy to a Strong Buy candidate.

Check full Amazon forecast and analysis here.