Amazon Looks Tired Ahead Of Earnings
Mike Paulenoff | Apr 17, 2015 02:49PM ET
Once again Amazon.com (NASDAQ:AMZN) heads into earnings at a critical chart inflection point.
We can make the case that its Jan-Mar advance from 285.25 to 389.32 (+34%) experienced a failed retest of the high on Tuesday, April 14, at 387.81 and that Friday’s sharp decline is leaving behind a potentially significant Double-Top at 388-389.
Although AMZN will have to break below 366/365 to confirm the Double-Top, it just happens that AMZN reports earnings on Wednesday, April 22, after the close -- just the sort of catalyst that either will penetrate the Double-Top formation, or repel it altogether.
Right now, I suspect that AMZN earnings will complete the Double-Top and will drive the stock into the 340-320 support zone.
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