Thursday, July 20, 2017 Inc Breaks Below 20-Day Moving Average

This morning, leading technology and commerce stock Inc (NASDAQ:AMZN) is trading lower by 3.18 percent to $322.84 a share. Traders should take note that the stock has now cut through its important daily chart 20-day moving average. This moving average is highly followed by many day and swing traders. Most investors will focus on the 50-day moving average which is around the $314.00 level. When a stock trades below the important 50-day moving average is usually a sign of technical weakness for the stock, but a close below the 20-day will often result in a test of the 50-day moving average. At this time, swing traders should note that the next major daily chart support level for Inc stock will be around the 305.00 level. The $305.00 level is an area where the stock pivoted and then surged higher on June 5th, 2014. These prior breakout levels will usually be defended by the institutional money when retested.

Nick Santiago

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