Monday, June 12, 2017 2:59:18 PM
Shares of Amazon (NASDAQ:AMZN) are in full correction mode. After hitting a 1,016.50 late last week, the stock collapsed. Today, the low is $945.00. I cannot tell you how many investors are itching to buy the 5% drop. I am here to say it will go lower. While bounces will occur, they are low reward and high risk. The very first level I am interested in buying is the $847.00 price point. This is a high reward, low risk technical chart level as seen below. At this price point, Amazon would be down 15% from the all-time highs. A 7-10% bounce would be likely off this level and a high reward swing trade.
Gareth Soloway
InTheMoneyStocks
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