Amazon (AMZN) remains in a short-term uptrend, but the stock is nearing a potential reversal zone. First, notice that the stock broke down with high volume in late January. After some bouncing in February, AMZN mounted an advance the last four weeks and retraced around 62% of the prior decline. Second, notice that broken support is turning into resistance as a large spinning top formed last week. The 380 area is a prime suspect for a reversal zone. A move below the channel trend line would provide the first sign of weakness and a break below last week's low would fully reverse the short-term uptrend. A reversal would then call for a continuation of the January decline.
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