Amazon.com stock has been on the news radar recently with the release of its Fire smartphone. Opinions seem sharply divided on the prospects of success. Traders might also have this stock on the radar with the chart interestingly placed.
2014 hasn't been a happy year for investors in Amazon.com stock. By early May it was down 23% from its January peak. However, since then, the stock price has rallied to test potential trend line resistance. It’s also starting to form a minor downward sloping channel formation. If there happens to be a rally from here, it will be interesting to see if it can break above this channel resistance. This would be a potentially bullish development and would have the added advantage of being a break well clear of the medium term trend line.
Amazon.com stock - Daily CFD