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Amazon.com Inc (AMZN) “On a long-term technical basis, the stock (AMZN) is trading below its 200-day moving average which implies it is in a negative trend. However, the stock has broken through an important trendline at 1901.83 suggesting the next level of support is 1761.45. The long-term uptrend has now turned neutral.
The stock has support at 1761.45. The stock will meet resistance at 1776.51 and 1872.42. If the stock breaks up through resistance at 1776.51 then it will probably continue higher to 1872.42. The 200-day moving average is at 1804.86. This will also act as resistance. If the stock closes below 1761.45 a negative trend change is probable. Look for the stock to fall to the level where it started prior to the latest big upmove. The stock is extremely overbought according to the Stochastic Indicator (78.55), so look for a possible pullback soon. Confirm this with the Short-Term and Daily Opinion to keep from exiting prematurely.”
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