Amazon.com Inc: Trades 3.18% Lower
InTheMoneyStocks.com | Jul 09, 2014 12:53AM ET
This morning, leading technology and commerce stock Amazon.com Inc (NASDAQ:AMZN) is trading lower by 3.18 percent to $322.84 a share. Traders should take note that the stock has now cut through its important daily chart 20-day moving average. This moving average is highly followed by many day and swing traders. Most investors will focus on the 50-day moving average which is around the $314.00 level. When a stock trades below the important 50-day moving average is usually a sign of technical weakness for the stock, but a close below the 20-day will often result in a test of the 50-day moving average. At this time, swing traders should note that the next major daily chart support level for Amazon.com Inc stock will be around the 305.00 level. The $305.00 level is an area where the stock pivoted and then surged higher on June 5th, 2014. These prior breakout levels will usually be defended by the institutional money when retested.
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