Breakout for Amazon.com Inc (NASDAQ: AMZN) Says Market Timer Frank Kollar
July 21, 2009 (FinancialWire) (By Frank Kollar)
Shares of Amazon.com Inc (NASDAQ: AMZN) closed at new rally highs as well as its highest level since 2007.
In 2007 Amazon.com traded in the $90s on four occasions, once reaching and closing above $100 a share. Monday’s close at $88.29 means this widely traded internet company is ready to again make a run for those 2007 highs.
Amazon.com should quickly get back into the $90s again. The path to $100 a share may be a rough one though. Nevertheless, this is the next resistance level and it looks like Amazon.com is headed there in coming weeks.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy holds a position in Amazon.com .
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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