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Machine learning algorithm sets Amazon stock price for May 2023

Machine learning algorithm sets Amazon stock price for May 2023
Marco Terracini

With investors closely examining the status of Amazon’s (NASDAQ: AMZN) stock, there is a keen interest if the corporation of over a million and a half employees will be able to deliver more after rising over 20% since the start of the year.

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

Furthermore, by utilizing neural networks that rely on historical data, the market forecast assesses the performance of Amazon’s stock and anticipates a primarily bullish momentum trading trend, accompanied by an estimated monthly volatility of 14.74%. The target level for momentum trading is optimistic and set at $111.93, while the pessimistic target level is projected to be $95.43.

AMZN May price target chart. Source: PandaForecast

On the other hand, projections for December 2023 estimate a weighted average target of $104.45 per share, with an optimistic target of $108.65.

Amazon chart analysis

AMZN’s stock has been fluctuating between $97.55 and $106.21 in the past month, and currently, it’s near the upper limit of this range. Although a stock like Amazon may always seem like a promising opportunity for investment, it’s essential to consider the potential resistance near this level that could affect the stock’s upward momentum.

Looking at the weekly time frame, the 50-day moving average for Amazon’s stock is at a support level of $98.29, indicated by a horizontal line. In contrast, the stock is likely to face resistance in a range from $106.5 to $106.9, where crucial moving averages and multiple trend lines from various time frames intersect. Additionally, a trend line on the daily time frame suggests a resistance level at $107.

AMZN 1-month price chart. Source: Finbold

Wall Street technical analysis

Analysts on Wall Street have given Amazon a consensus ‘strong buy’ rating from 39 analysts, while 8 gave it a ‘buy‘ rating. Notably, not one has suggested a ‘sell.’ 

Wall Street AMZN 12-month price prediction: Source: TradingView

Furthermore, after analyzing stock evaluations by analysts over the past three months, the average price projection for Amazon in the upcoming year is $130.70, indicating a 23.06% increase from its current price. Remarkably, the most optimistic price target over the next year is $155, which would be a 45% upsurge.

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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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