Is It Time To Buy Amazon Stock?
Shares of Amazon.com, Inc. (NASDAQ:AMZN) have held above an important support level, and the stock could be forming a base for a new uptrend.
$3,520 was resistance for AMZN in April and June. When it reached this level, it crashed into a wall of sellers and a downtrend followed.
But in early July, the stock soared through this resistance and traded at higher levels.
After this, many of the investors who sold at $3,520 regret doing so. A number of them decided to buy their shares back if they can get them for their selling price.
As a result, these remorseful sellers placed the buy orders at $3,520. This large concentration of buy orders turned the level into support. It could be the base for a new uptrend.
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