Amazon.com (AMZN) has put in a double top in the 263 area and has been heading lower. The Bollinger bands are opening to allow the flow down and it is now below the 50 day Simple Moving Average (SMA). But I am here to tell you that it will not go below 230. Period, end of story! Just look at the chart below. The Volume at Price bars on the left hand side show a marked increase in volume to work through there, like a roadblock. There is also the 100 day SMA sitting at 234.15 and slightly rising.
Amazon (AMZN)
Next note the previous high on April 30 and finally the consolidation from July 27th through August 15th over support at 232.75. So it will definitely not go below 230. Unless all of those fail to hold it up. Then there is a gap fill to 221.45 and 196.36 with support at 207 along the way. But like I said it will not fall below 230, maybe.
Disclaimer: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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4 Reasons Why Amazon Will Not Fall Below 230
Published 10/11/2012, 03:43 AM
Updated 05/14/2017, 06:45 AM
4 Reasons Why Amazon Will Not Fall Below 230
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