Amazon Rebounds From Friday's Retreat From All Time Highs

em>Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Amazon Inc. AMZN shares are trading higher by $12 at $541.42 in Monday's session. After retreating all day on Friday on from its new all time $580.57 to the close ($529.42), the shares are rebound in today's session. Off the open, it breached Friday's low ($529.35), reaching $526.60 before reversing course. So far, it has rallied to $544.95 and is not trading too far from that level. In order to get back half of its losses from Friday's session (or a fifty percent retracement), the issue would have to reach $553.85. Technicians may focusing on that area in order to determine if Amazon can muster a rally back to its all time high in the not so distant future.