Amazon Could Test The Support Level Of $950, Pro Says - Amazon.com (NASDAQ:AMZN)

Amazon.com, Inc.AMZN

's stock continued to drift further away from the

psychologically significant $1,000 per share mark Wednesday, and some analysts see further downside ahead. Amazon's stock is now down nearly 10 percent since its all-time highs; looking at this on a 200-day chart is a classic example of "trend exhaustion," Rich Ross of Evercore ISI explained during a recent CNBC "Trading Nation" segment. The chart also suggests Amazon's stock could dip lower to the $950 "support level," which implies a 5-percent decline is ahead.

Taking a look at the weekly chart dating back to 2014, it is even more clear that Amazon's stock has seen an "exhaustive bearish reversal," Ross added. But this outlook is near-term in nature and investors should become "extremely interested" in buying shares at $950 and should jump on an opportunity to buy under the "worst-case scenario" where Amazon dips to near $900 per share.

The Options Market Tells A Different Story

Dennis Davitt of Harvest Volatility Management presented the other side of the story during the CNBC segment. He noted that the options market is showing investors have a strong appetite for call options which yield a profit when the stock goes up.

But at the same time Amazon's stock might be judged more favorably by investors and get a pass where other companies don't.

"So long as they keep growing the top line, no one cares," Davitt separately told CNBC on Wednesday. "If you were an analyst in this sector for the past 10 years and applied conventional thinking to this stock, you lost your investor a good amount of money."

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