February 1, 2013

AMAZON Bearish Price action

  • Amazon weekly chart shows a bearish candle. Price falling back into the contraction pattern.
  • Daily chart is testing previous resistance level near 264 which may act as support.
  • Price near 50 Day SMA Crucial support of daily chart. Holding above these levels may lead to an up move. Daily close below 50 SMA will extend gains for Amazon bears.

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