Amazon.com, Inc. (NASDAQ:AMZN) recovered quickly from sub par earnings and rallied higher just weeks ago. It pulled back last week after hitting key resistance at $130.00. The pull back took it to a beautiful support level on the daily 20 moving average. That was the low today and since then Amazon has rallied higher becoming one of the strongest stocks of the day. Note the chart below and all the key support and resistance lines. Amazon must hold the key 20 and 50 daily moving averages. As long as it holds those, the stock support have a neutral to upside bias. If it breaks those key moving averages, be ready for a sharp fall towards $100.00. To get analysis, guidance and swing trades on the market and stocks, join the Research Center.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
