One technical strategist says there's a key trend line to watch that could be signaling Amazon is prime for a breakdown.
Those are words of wisdom from one technician who believes the charts could be signaling that the stock is prime for a breakdown. This is following Amazon's rally of about 5% after
Despite breaking out above that trend line last week, Maley points out that according to his charts, Amazon is actually now overbought and it could be time for a "breather." Maley makes the case that whenever this pullback takes place, he'll be eyeing that 200-day moving average to see what the stock does from there. Should Amazon break below the 200-day, then even more trouble could be ahead for the name.
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