Stronger technical forecast for Amazon stock price after Wednesday trading.StockInvest.us, 2 months ago
The Amazon stock price gained 2.56% on the last trading day (Wednesday, 13th Sep 2023), rising from $141.23 to $144.85. During the last trading day the stock fluctuated 2.92% from a day low at $140.87 to a day high of $144.98. The price has risen in 7 of the last 10 days and is up by 7.37% 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, 20 million more shares were traded than the day before. In total, 60 million shares were bought and sold for approximately $8.72 billion.
On Sep 07, 2023, it was reported that Needham gave AMZN a "Buy" grade with a "hold" action.
The stock lies in the upper part of a weak 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 $147.52 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 9.37% during the next 3 months and, with a 90% probability hold a price between $146.68 and $161.33 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 $139.70 and $135.85. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, August 24, 2023, and so far it has risen 9.87%. 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.
Amazon finds support from accumulated volume at $139.57 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 $4.11 (2.92%) between high and low. For the last week, the stock has had daily average volatility of 2.68%.
Amazon holds several positive signals and is within a weak 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.