With investors diligently examining the status of Amazon’s (NASDAQ: AMZN) stock, there is a great deal of interest in whether or not the company with over 1.5 million employees will be able to deliver more after its share price increased by more than 20% since the beginning of the year.

Finbold has retrieved an exhaustive chart of Amazon’s past stock prices, along with forecasts for its direction in the near future, in order to provide insight. Using data from PandaForecast’s price prediction model, it is projected as of April 25 that AMZN stock will attain a weighted average estimated target price of $106.80 by May 2023.

In addition, using neural networks that rely on historical data, the market forecast evaluates the performance of Amazon’s stock and forecasts a predominantly optimistic momentum trading trend with an estimated monthly volatility of 14.74 percent. The optimistic target level for momentum trading is $111.93, and the pessimistic target level is projected to be $95.43.

The bullish December 2023 objective is $108.65 per share, with a weighted average aim of $104.45.

In the past month, AMZN’s stock has fluctuated between $97.55 and $106.21, and it is presently near the upper bound of this range. Despite the fact that a stock like Amazon may always appear to be a promising investment opportunity, it is crucial to consider the potential resistance near this level that could affect the stock’s upward momentum.

The 50-day moving average for Amazon’s stock is at a support level of $98.29, as indicated by the horizontal line on the weekly time frame.

In contrast, the stock is likely to encounter resistance between $106.5 and $106.9, where key moving averages and multiple trend lines across multiple time frames intersect. In addition, a trend line on the daily time frame indicates a level of resistance at $107.

Financial market technical analysis

Amazon received a consensus’strong buy’ rating from 39 Wall Street analysts, while 8 analysts gave it a ‘buy’ rating. Notably, nobody has suggested’sell.’

In addition, after analyzing analysts’ stock evaluations over the past three months, the average price forecast for Amazon over the next year is $130.70, which represents a 23.06% increase from its current price. Surprisingly, the most optimistic price target for the coming year is $155 — a 45% increase.

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