Stronger technical forecast for Amazon stock price after Wednesday trading.

The Amazon stock price gained 1.57% on the last trading day (Wednesday, 12th Jul 2023), rising from $128.78 to $130.80. During the last trading day the stock fluctuated 1.88% from a day low at $128.83 to a day high of $131.26. The price has been going up and down for this period, and there has been a 1.25% gain 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, 3 million more shares were traded than the day before. In total, 53 million shares were bought and sold for approximately $6.96 billion.

Truist Financial is very positive about AMZN. The price target was set to 170 (Sep 28, 2022).

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 31.69% during the next 3 months and, with a 90% probability hold a price between $169.38 and $181.04 at the end of this 3-month period.

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 $129.35 and $125.24. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, May 01, 2023, and so far it has risen 28.17%. 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).

On the downside, the stock finds support just below today's level from accumulated volume at $124.25 and $109.82.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 $124.25. If this is broken, then the next support from accumulated volume will be at $109.82 and $105.45.

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 $2.42 between high and low, or 1.88%. For the last week the stock has had daily average volatility of 1.94%.

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.