{"id":4415,"date":"2011-04-01T04:43:32","date_gmt":"2011-04-01T08:43:32","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=4415"},"modified":"2011-04-01T04:43:48","modified_gmt":"2011-04-01T08:43:48","slug":"amazon-buyers","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2011\/04\/01\/amazon-buyers\/","title":{"rendered":"Amazon Buyers Step Up for the “13% Discount”"},"content":{"rendered":"

A month ago, I took issue with a UBS downgrade of Amazon (AMZN)<\/a> and tried to demonstrate how this analyst action and commentary could be twisted into a blueprint for a buying opportunity. At the time, I noted that a test of the November lows on a 13% drop could produce the 8% upside potential in AMZN shares that presumably existed before the downgrade – the price target dropped from $195 to $180. Sure enough (or amazingly enough, depending on your perspective), AMZN neatly retested the November lows as buyers stepped up and sent AMZN bouncing 12% since those lows. This move closed the gap-down that UBS’s downgrade created in February.<\/p>\n


\n
\"Amazon<\/a>
Amazon rebounds<\/figcaption><\/figure>
\n*Charts created using TeleChart:<\/strong> <\/a>
\n<\/center>
\n<\/p>\n

Now that AMZN has closed the gap, it must now contend with resistance at the double-top around the all-time high of $192. Given the general stock market is essentially overbought right now (see T2108<\/a>), I cannot project an immediate retest. However, I have to believe that his latest stubborn resilience is a bullish sign for an eventual run toward $200.<\/p>\n

Be careful out there!<\/p>\n

Full disclosure: no positions<\/p>\n","protected":false},"excerpt":{"rendered":"

A month ago, I took issue with a UBS downgrade of Amazon (AMZN) and tried to demonstrate how this analyst action and commentary could be twisted into a blueprint for a buying opportunity. At the time, I noted that a test of the November lows on a 13% drop could produce the 8% upside potential … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[393,511,62],"tags":[495,398,1597],"class_list":["post-4415","post","type-post","status-publish","format-standard","hentry","category-analyst-coverage","category-support","category-technical-analysis","tag-amazon-com","tag-amzn","tag-technical-analysis"],"yoast_head":"\nAmazon Buyers Step Up for the "13% Discount" - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2011\/04\/01\/amazon-buyers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amazon Buyers Step Up for the "13% Discount" - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"A month ago, I took issue with a UBS downgrade of Amazon (AMZN) and tried to demonstrate how this analyst action and commentary could be twisted into a blueprint for a buying opportunity. 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