Amazon.com Inc (NASDAQ: AMZN) Tests
Support Says Market Timer Frank Kollar
September 9, 2009 (FinancialWire) (By
Frank Kollar)
Shares of Amazon.com Inc (NASDAQ: AMZN)
have been losing ground since reaching a closing rally
high of $93.87 on July 23.
That closing high was followed by substantial
losses the next trading day. Since that high, Amazon.com
has lost some 14% as of the close on Tuesday, September
8.
The six week decline reached a closing
low of $78.14 on September 2 when Amazon.com was testing
the prior correction low of $75.63 on July 7.
It appears that this support level,
at $75.63, has held. As long as Amazon.com holds above
$75.63 it should be considered a buy with a target of $90.00
in coming weeks.
A close below $75.63 voids this trade.
The Fibtimer.com (http://www.fibtimer.com)
ETF 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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but there is no guarantee that future results will be profitable. |
