Amazon Continues To Trade Within A Tight Range
António Costa | Mar 20, 2016 11:31AM ET
Amazon (NASDAQ:AMZN) continued decline on Friday, with relatively high volumes. The stock continues to trade within a range with the 200-day EMA continuing to hold the downside. Daily technical indicators are looking bearish to me, but remain in bullish zones. The MACD has dropped down to touch its signal line in positive territory and the RSI has just slipped below its 50 level. The bias is now neutral to bearish in nearest term, and we need a consistent move below the 200EMA located at 545.83 to continue the bearish scenario. On the other hand, a breakout above 585 could trigger a rally that might get the price back to 620.
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