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 this year despite all of the critics, so don't expect declines to go directly down in a straight line. Short sellers will be covering on any weakness. Use those small bounces to enter positions until the stock reaches the 234-226 level.
Cheers.
Technical Tim 11:41AM EST Tuesday, Sep 4, 2012
AMZN has driven ahead of the market this year despite all of the critics, so don't expect declines to go directly down in a straight line. Short sellers will be covering on any weakness. Use those small bounces to enter positions until the stock reaches the 234-226 level.
Cheers.
Technical Tim 11:41AM EST Tuesday, Sep 4, 2012
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