Simplistic Technical Analysis for AMZN (November 9th 2014)

Last week I had predicted that AMZN would encouter resistance at $305 or even at $310 and then head down. Turns out that the stock hit resistance at $305 and reversed.

Through the week, the stock trended down after encountering resistance at $305 and ended the week marginally below $300.

The overall trend continues downwards with lower highs and lower lows (highlight 1). Looking across at similar MACD separations (highlight item 2, 3 and 4) we can see that the stock moved upwards in each case. At highlight 2, the stock moved considerably higher since the overall trend was positive. At highlight 3, the stock moved marginally higher but predominantly sideways.

Looking at highlight 4, and overall trends, here are my amateur predictions for the coming week...

1. The stock will move marginally higher and max out at $302.50 or $308.50

2. The stock will reverse again and fall to between $290 and $295 over the period of next 2 to 3 weeks.

Lets see how this pans out..