Amazon Close to the 200 Day

Published on Wednesday, 18 August 2010 04:40 Written by Danny Miller

New York, August 18th (TradersHuddle.com) - Shares of Amazon.com, Inc. (NASDAQ:AMZN) traded at $128.86 close to its 200 day moving average currently set at $127.54. Amazon's price action is just above this key support level, and it will certainly raise traders attention, as a possible trading opportunity.

Amazon.com, Inc. (NASDAQ:AMZN) operates as an online retailer worldwide. The company serves its consumer customers through its retail Websites and focuses on selection, price, and convenience. It also offers programs that enable seller customers to sell their products on its Websites and their own branded Websites. One of the biggest seller items for Amazon is books and e-books, which can be read with Amazon's Kindle e-reader.

Latest price action range, defined by a peaks and troughs algorithm places calculated support at $123.04 and calculated resistance at $130.00. These levels will certainly be watched by traders, as they provide insight into the latest price dynamics defined by Amazon stock.

Traders wanting to establish a position on Amazon will be looking at the price action for evidence of buying near the 200 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.