Amazon Stock Countertrend Rally
Companies / Company Chart Analysis Jan 11, 2012 - 04:29 AM GMTBy: Mike_Paulenoff
Yesterday's plunge in Amazon (AMZN) changed my perception of the strength of the rally off of the Dec 29 low at 166.97. As of this moment, my pattern work argues that a complex corrective counter-trend rally is in progress that should propel AMZN to 190-193, but which likely will be followed by another loop to the downside that revisits the Dec 29 low.
That said, my sense now is that I should stand aside, awaiting AMZN to press into the 177-74 support zone prior to the anticipated next recovery rally phase.
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By Mike Paulenoff
Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.
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