Avery Schumer
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Amazon Could Test The Support Level Of $950, Pro Says

Found an article Amazon Could Test The Support Level Of $950, Pro Says.

"Amazon.com, Inc. AMZN's stock continued to drift further away from the psychologically significant $1,000 per share mark Wednesday, and some analysts see further downside ahead.

Amazon's stock is now down nearly 10 percent since its all-time highs; looking at this on a 200-day chart is a classic example of "trend exhaustion," Rich Ross of Evercore ISI explained during a recent CNBC "Trading Nation" segment. The chart also suggests Amazon's stock could dip lower to the $950 "support level," which implies a 5-percent decline is ahead."

As for me, there are no signs of potential breakout of the rising liear channel. But once stochastics are overbought, the stock can easily break the channel and head to the support level around $950. 

What do you think?