Will
Amazon.com inc (NASDAQ: AMZN) Withstand Support?
Amazon.com Inc (NASDAQ: AMZN) has not been performing well for
quite some time now. The stock began down
trending, put in a huge downside gap, and has since traded on the lower end of the gap. The only sign of
strength AMZN has shown as of late is support
at the 35 level.
In fact, has been in a sideways consolidation pattern
with support at 35 and resistance at 37.50 for about 2 months now. The main
point of focus here is the support level. AMZN closed at 35.21 on Friday, which
presents a good
opportunity to place a support based trade on AMZN. The reason the systems are not jumping on this trade is the downside move on higher
volume that was produced April 25th. Although
this was followed with two days of upticks on slightly higher than usual
volume, the April 25th move cannot be ignored.
Happy Trading,
Andy Swan
co-founder, DaytradeTeam
P.S. - Swing Trading is the art of capturing profits in trending stocks in a relatively short amount of time.
SwingTrades.com offers Swing & Day Trading Strategies for the full or part-time trader.
Ken Matsumato, who succesfully runs the Swingtrades, is one of the most consistently profitable traders, often recording gains month after month. As of now, he is averaging 36.02% profit per month with Day Trading and 10.77% with Swing Trading Systems!
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