Wednesday, July 13, 2016 1:35:29 PM
This good news failed to keep the stock up, let alone take out yesterdays highs. The fact that yesterdays highs did not get breached is a sell signal of epic proportion on a stock up 60% in 2016. Investors with a technical analysis background are rushing to sell or short. If the key up-sloping trend line is broken to the downside (seen in the chart below), Amazon has little to no support until $600 (a key gap fill). This might be one of the best shorts in the stock market for the second half of 2016. You heard it here first.
Amazon.com sell signal alert based on the stock chart and price action
Chart: https://verifiedinvesting.com/uploads/files/AMZN07.13.16.JPG
Gareth Soloway
InTheMoneyStocks
Recent AMZN News
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