Amazon More Likely To Drop to $280 Before Crossing Above $300
I've traded Amazon (AMZN) quite a few times this year with a respectable amount of success.
Nothing to get rich off of, but I have captured some gains by trading it to the long side.
However, at this point, I'm not really liking what I'm seeing. Its struggling far to much with the $300 level. For five straight days it has failed to break through the level, and there is some longer-range price resistance that goes beyond just this week, as you can see in the chart below.
Bottom line, I think this stock hits $280 before it ever sees $300.
Here's my technical analysis on AMZN: