Chartology: Amazon (AMZN) Measured Move, Part 2?

Stock ChartsLast 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, amazon shopping, amazon store, amazon stock, amzn stock

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.


Twitter:  @andrewnyquist and @seeitmarket     Facebook:  See It Market

No position in any of the securities mentioned at the time of publication.

Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of his employer or any other person or entity.

Sign up for our FREE newsletter
and receive our best trading ideas and research