Amazon.com, Inc. (AMZN) has been a beaten up and has yet to bounce in the recent market retracement off lows. It has built a base above $160, which looks to be good level of support. I believe if AMZN can break and close above the down trending channel it has created, then it will have continued upside to my first target of $170. My second target is a retest of the 20-day moving average.
Earnings are not out until April 21st, so there is ample time for this stock to make a move beforehand. If AMZN breaks through the $160 level there is no support until a $156.75 and then $155, which is the 200-day moving average. If you buy the break out of the downtrend when it comes, I would not hold it against me below $160, however.
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By: Marc Sperling
Disclosure: Long AMZN