TMCnet News
Amazon.com (AMZN) Approaches New Downside Target of $268.23Jan 29, 2013 (SmarTrend(R) News Watch via COMTEX) -- Amazon.com (NASDAQ:AMZN) has opened bearishly below the pivot of $278.31 today and has reached the first level of support at $272.13. Analysts will be watching for a cross of the next downside pivot targets of $268.23 and $258.15. In the past 52 weeks, shares of Amazon.com have traded between a low of $172.00 and a high of $284.72 and are now at $269.25, which is 57% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 1.2%. Potential upside of 8.5% exists for Amazon.com, based on a current level of $269.25 and analysts' average consensus price target of $292.15. The stock should find initial support at its 50-day moving average (MA) of $254.83 and further support at its 200-day MA of $236.07. SmarTrend recommended that subscribers consider buying shares of Amazon.com on November 23rd, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $238.24. Since that recommendation, shares of Amazon.com have risen 15.9%. We continue to monitor AMZN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately. Write to Chip Brian at [email protected] --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup |