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Have Technicals Discounted Benefits of Amazon's New Video Service?


For all of the fireworks surrounding the new Amazon.com Inc. (AMZN) video service, the action in the stock is not all that impressive so far, which does not surprise me in lieu of the giant top-formation that has been carved out since last Oct.

Unless this new product is a bonafide game-changer, I don’t see any upmove in the stock being able to chew through the substantial overhead supply, initially residing between 350 and 358.87.

In fact, purely from a technical perspective, I consider the current upmove off of the Mar 27 low at 330.87 as a recovery bounce prior to a resumption of weakness that should press AMZN to new corrective lows on the way to 300-280 thereafter.

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