AMZN Stock Poised to Break Out–Or Break Down–As It Coils Tighter
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Shares of Amazon (NASDAQ:AMZN) have certainly been struggling over the past year. AMZN stock is now down 12% after making an all-time high near $2,050 last September. Certainly some of the sell-off was warranted given that Amazon stock briefly breached the trillion dollar market cap level that had previously torpedoed the likes of Apple (NASDAQ:AAPL) as well.
Since the beginning of August, Amazon stock has been mired in a trading range bounded by $1,750 to the downside and $1,875 to the upside. This type of price action doesn’t go on forever.
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