Buying Opportunity for Amazon.com Inc (NASDAQ: AMZN) Says Market Timer Frank Kollar
November 6, 2008 (FinancialWire) (By Frank Kollar)
Shares of Amazon.com Inc (NASDAQ: AMZN took a huge hit on Wednesday, November 5 as the internet sector as well as the entire stock market sold off. Amazon.com lost $6.44 to close at $52.01, down 11%.
Amazon.com made a solid bottom on October 16, and retested that bottom on October 23. Barring another stock market meltdown, shares should reach their first resistance level in coming weeks.
Resistance for this advance from bear market lows is at $65.11. This is a 25% gain from current levels. A close above $65.11 would likely result in a continued gain to $70.21 a share.
A close below $48.00 a share would invalidate this trade and is a good buy stop level. This is a closing price, not an intra-day level.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
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for informational purposes and is not a solicitation, or an offer to buy or sell
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