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Mike's Call of the Week: AMZN


On February 25, with Amazon (AMZN) above 359, we wrote in our Trading Room that "AMZN will be ripe for a short [after] a run to 373."

Amazon did indeed surpass 373 short-term before rolling over.

This past Monday March 31, with AMZN at 340.75, we noted the stock was unable to generate any meaningful strength as it probed its rising 200-day moving average -- and that we expected a rollover to the 320-300 area. (See chart below from Monday.)

AMZN pressed to a low of 315.61 on Friday before closing the week at 322.78.

Our next downside target is in the 300-280 area.

 

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