Amazon Inc (AMZN): Prices Could Go Down To $100
Can you see the big open gap printed on 23 October? Is it time to fill that gap? Amazon is a great company and the stock performance has been excellent in the past years (price moved up from $30 to $140!). Technically, there are elements to believe that the long run up could be over, at least for some time. A double top may be printed with major negative divergences of indicators. The Force Index indicator still signals an up trend and indeed it will take some time before a corrective scenario is recognized as such. However, a 30% correction could be possible from here if this scenario plays out correctly. We will see in the next days if AMZN develops negative patterns that would confirm this view. A first objective could be the test of the $115 level, the low of recent down leg completed 2 months ago, in February 10.
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