Today we'll analyze amzn stock for online market trading,
Technical indicators to notice:
1- Last bullish trend was from 62.43$ (03/03/08) to 65.34$ (03/04/08) a 2.91$ move
2- The current bearish trend started from 65.34$ at 03/04/08 and is currently trading at 64.09$.
3- The stock current support level is at 63.88 which is the 50.00% fibonacci retracement of the last 2.91$ move.
4- The stock current resistance level is at 64.23 which is the 38.20% fibonacci retracement of the last 2.91$ move.
5- The Stock was resisted by a resistance line, identified by two points: 65.34 and 73.27 that was broken up at 64.99 transforming into a supporting line.
6- According to ADX, the trend is currently strong bearish, which is getting stronger.
Conclusion:
amzn is currently trading a strong bearish wave, which is becoming stronger .
Technical indicators and chart patterns show bullish direction,
recommend stopping short positions or entering long position or bullish spread option strategy .
Resistance Levels: 64.2284, 64.6532, 65.34.
Support Levels: 63.885, 63.5416, 62.43, 61.6385, 61.375, 60.6316.
We Moved!!
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Shadi
Monday, March 10, 2008
AMAZON (AMZN) Technical Analysis
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Shadi
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