Weaker technical forecast for Amazon as stock downgraded to Buy Candidate.

The Amazon stock price gained 2.68% on the last trading day (Thursday, 13th Jul 2023), rising from $130.80 to $134.30. 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 1.48% from a day low at $132.71 to a day high of $134.67. The price has risen in 6 of the last 10 days and is up by 4.08% 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, 3 million more shares were traded than the day before. In total, 57 million shares were bought and sold for approximately $7.60 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 31.04% during the next 3 months and, with a 90% probability hold a price between $169.41 and $183.76 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 $129.93 and $125.80. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, June 07, 2023, and so far it has risen 10.78%. 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 $1.96 between high and low, or 1.48%. For the last week the stock has had daily average volatility of 2.03%.

Several short-term signals, along with a general good trend, 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.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.