Amazon (AMZN), the biggest internet retailer in the world, was immune to weakness in the retail group for most of January, but finally broke down with a break away gap. After an oversold bounce above 360, the stock is continuing lower today with a move below 350. The rising 200-day moving average and broken resistance levels mark the next major support zone around 310-320.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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