Amazon.com Inc (NASDAQ: AMZN) at Support Says Market Timer Frank Kollar
August 12, 2009 (FinancialWire) (By Frank Kollar)
Shares of Amazon.com Inc (NASDAQ: AMZN) have declined to strong support at $82.75. Amazon.com reached support intra-day on Tuesday August 11 and then traded to $83.50 by the close.
$82.75 is the 61.8% retracement level for the July 8 to July 23 rally. A close below this level would likely result in a test of the July 7 close at $75.63.
But if support holds, we could see Amazon.com again rally and test its August 11 highs at $93.87 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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