It may sound crazy, but I assure you it is likely. Amazon just broke key support of a upward-sloping trend line and is now beginning a bear market move. The target is $600.00. If you think about it in the context of Amazon's move up in 2016, it is not that crazy. Amazon was $475.00 early in 2016. It recently hit an all-time high of near $775.00. So in reality, a pull back to $600.00 is not that crazy. Notice on the stock chart below how that steep up-sloping trend line from early this year was never broken until the last few days. This shows the break down clearly. A short on Amazon is the high reward trade.
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Posted by Swing Trade Guru on Verified Investing.
On Monday Amazon launched " Amazon Go" which would help boosting the value of AMZN stock value of AMZN stocks.
Amazon Go aims to make grocery shopping hassle free & fun.