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Amazon More Likely To Drop to $280 Before Crossing Above $300



September 13, 2013 – Comments (0) | RELATED TICKERS: AMZN

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

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