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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 1858.96 suggesting the next level of support is 1748.78. The long-term uptrend has now turned neutral.
The stock has support at 1748.78. The stock will meet resistance at 1778.73 and 1872.42. If the stock breaks up through resistance at 1778.73 then it will probably continue higher to 1872.42. The 200-day moving average is at 1794.49. This will also act as resistance. If the stock closes below 1728.70 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 neutral according to the Stochastic Indicator (59.46).”
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