Amazon just completed what looks like a terminal pattern, which suggests short-term consolidation and then sideways action. Please note the comments on the chart because fundamentally I am bullish on AMZN but at times the stock gets ahead of itself. Also note all the other technical comments I have made on AMZN in the past.
AMZN has driven ahead of the market...
I view Amazon as close enough to a level to buy because the distance to "massive support" is roughly 12 pts away and the distance to "strong sellers is 22 points. This provides us with nearly a 2:1 ratio of upside potential to downside risk.
By: Tim West, June 4, 2012 209.88 last, 9:41AM EST
Amazon is breaking down from a bear flag pattern which occurred with falling volume. The high volume decline in October found support at the gap around the $200 level. Next support levels at $190 and $180. Amazon is down with a down market, but it was weak the past few days when the overall market was strong. AMZN is so expensive, like MSFT, DELL, KO, AMGN and...
