Last winter, Amazon (AMZN) stock dropped precipitously in what turned out to be a measured A-B-C move lower into long term trend line support. Could something similar be in the works this summer?
Note that an A-B-C measured move lower off 2012 highs would target an important confluence of support, including:
1) Uptrend support line
2) 200 day moving average
3) 50% fibonacci down retrace of December to April move higher
Note as well that the stock is fairly flat today while the stock market is rallying. As well the stock is on bar 6 of a daily DeMark 9 buy setup.
Amazon (AMZN) stock chart with price support and resistance levels as of July 13, 2012. AMZN technical stock analysis with fibonacci retrace levels. Measured ABC move. Amazon stock ticker is AMZN.
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