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Amazon (AMZN) stock price prediction for December 30, 2022

Amazon (AMZN) stock price prediction for December 30, 2022
Jordan Major

Amazon (NASDAQ: AMZN) finished trading on December 14 at $91.58 −$0.91 (0.98%), although it is still up +2.27 (2.54%) over the past five days.

Investors are curious about where the biggest e-commerce firm in the world will conclude the year as it continues to build up its Prime ecosystem. With the stock price trading similar to 2018, many investors believe Amazon stock is heavily undervalued.

Notably, Coin Price Forecast, which utilizes data science and machine self-learning technology for stocks and cryptocurrencies, has predicted that the price of Amazon will climb by the end of the year.

Amazon started 2022 at $166.72; as of December 15, AMZN traded at $91.58, decreasing its share price by -45% from the beginning of the year. However, the forecasted stock’s price to finish trading on December 30 is $93.17 – a slight rise from today to year-end by +2%.

Amazon 2022 price target. Source: Coin Price Forecast

By the end of 2023, the price of Amazon is predicted to increase to $135.09, a +48% increase from its current price.

AMZN chart and analysis

In the last month, AMZN has been trading in the $87.48 – $98.49 range, and it is currently trading in the middle of this range so some resistance may be found above. 

In particular, a resistance zone from $91.59 to $93.00 is formed by combining multiple trend lines and important moving averages in various time frames. At the same time, resistance is also observed at $96.54 from a horizontal line in the daily time frame. Elsewhere, support is identified at $89.09 from a horizontal line in the weekly time frame.

Amazon YTD chart. Source: Coin Price Forecast

The short-term trend is negative, as is the long-term trend, although prices have been consolidating lately, and the setup quality at the moment is not perfect.

Amazon technical analysis

The short-term technical analysis (TA) for Amazon on the 1-week gauges is relatively bearish. Notably, the summary gauge points to a ‘sell’ sentiment at 14 while moving averages (MA) suggest a ‘strong sell’ at 13.

AMZN technical analysis. Source: TradingView

The oscillators point to ‘neutral’ at 8, according to the data obtained from the market analytics platform TradingView on December 15.

Despite the negative short-term technical analysis, 53 analysts have given Amazon a consensus ‘strong buy’ rating on Wall Street. Notably, 41 experts advocate a ‘strong buy,’ and 7 a ‘buy.’ Elsewhere, 4 recommend ‘hold,’ and 1 has opted for a ‘strong sell.’

AMZN 12-month price target. Source: TradingView

Based on analysts over the last three months, the average price forecast over the next 12 months is $136.07; the target indicates a 48.52% upside from its current price and is relatively similar to the Coin Price Forecast prediction.

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