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  • iSpeculator iSpeculator Oct 12, 1998 9:06 PM Flag

    Technical Analysis of AMZN

    AMZN traded to a high today of 101 where it found
    resistance which will become support should the stock
    continue to trade up from here. The next level of
    resistance is around 104. The 30 minute chart RSI uptrend
    has been broken and support is seen at 92 and 90.
    Chart has been posted to homepage.

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    • The stock is trading below it 50dma which is
      short term negitive. It is above its 200dma so all is
      not lost yet longer term. The stock attempted today
      to rally above the 50dma (aprox. 105) and failed
      badly. It fact the stock has failed to each time it has
      tried to rise above its 50 dma. A strong move above the
      50dma would be bullish but it doesn't look like it is
      going to make it. There is a lot of technical pressure
      on the stock to push it down to the 200 dma (aprox.
      50). So what can we conclude from this information?
      Basically that the stock is in at least a short term
      downtrend with resistance at the 50 dma and support at the
      200 dma. Other charting indicators (lower highs and
      lower lows indicate that the stock is in a downtrend
      with no support for quite a ways down. Short sellers
      or put buyer should select their positions around
      the 50 dma. If we move signifcantly above it, cover
      your shorts, if fail to breach it and start to head
      down initiate new positions.

      Cheers DOX

    • The 30 period moving average on the daily chart is at 96.257, providing resistance overhead.

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