Amazon.com, Inc. AMZN recovered quickly from sub par earnings and rallied higher just weeks ago. It pulled back last week after hitting key resistance at $130.00. The pull back took it to a beautiful support level on the daily 20 moving average. That was the low today and since then Amazon has rallied higher becoming one of the strongest stocks of the day. Note the chart below and all the key support and resistance lines. Amazon must hold the key 20 and 50 daily moving averages. As long as it holds those, the stock support have a neutral to upside bias. If it breaks those key moving averages, be ready for a sharp fall towards $100.00. To get analysis, guidance and swing trades on the market and stocks, join the Research Center.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
see chart:http://www.inthemoneystocks.com/userfiles/image/AMZN08_16_10.jpg
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in