AMZN almost reached 2nd target level

28 nov 2011

UNTOUCHED CHART FROM Nov 9th: AMZN almost reached the 2nd target level at 180 in last week's decline. Since futures are pointing sharply higher on Sunday evening, I felt that a comment was appropriate. A very strong holiday sales season is underway as shoppers continue to migrate to the internet AND appear to be getting over the blues by spending some hard earned money at the malls. There was a 1pm early closing for stock trading on Friday, so don't be confused by the low-volume in AMZN shares. Let's see how high the bulls can drive the price from here. If you are still short, I'd suggest exiting and looking for a rally to 195-205 for a re-entry. I will look for clues in the action to determine when to get back in on the short side.
By: Technical Tim, Sunday, Nov 27, 11:17PM EST.