Amazon.com, Inc. or AMZN as listed in NASDAQ is known as the manufacturer of the Kindle e-reader. Anyway, I want to show you the stock chart of the said company. As I mentioned on my last post about the Amazon stocks, a head and shoulders could possibly form when the current pattern back then still looked like a double top. Now, the final shoulder looks complete and a breakdown is what’s left to confirm the formation. Once the Amazon price breaks below the neckline of the head and shoulders setup (it could still look like a double top for many), the 110.62 support could be hit. If the stocks slip below the 110.62 price mark, the next support could be the $97.82-100.00 area. On the positive side, if the stocks start to ascend, a significant resistance could be $129.15. Clearing out $129.15 could propel the stocks to the next resistance at $136.99.
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