AI
Tuesday, October 30, 2018 12:48:57 PM
Shares of Amazon.com (AMZN) has fallen 28% from its $1 trillion valuation day on September 4th, 2018. This monster fall wiped out hundreds of billions in market cap and sent investors running for the hills. However, smart money began accumulating today when Amazon.com broke below the $1,500 level. Why? Not only is the stock showing up as major oversold on multiple indicators (near-term) but Amazon hit a 50% Fibonacci retrace from the beginning of this mega move up (starting in September 2017). In other words, almost 1 year to the day, the up-move took place. We have now retraced 50% of that move. Smart money expects a bounce now back to $1,650 on Amazon.com shares.
Nicholas Santiago
InTheMoneyStocks
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