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Tuesday, April 24, 2007 

Piper Jaffray downgraded AMZN

Chart courtesy of stockcharts

AMZN shares was down 0.40% to 44.77$ after Piper Jaffray downgraded the stock from market perform to underperform, which believes the stock is overvalued, given Wall Street's expectation of margin improvement. Looking at the chart stock is in a Bull Market, MACD is above 0 and K line still on top D line. Long trend looks Bullish as the stock is above 50 and 200 day moving average. However I'm cautions here, since RSI has reached Overbought conditions, short term correction risk has increased and may come soon, profit taking coub be underway. Remember : Earnings will be announced Tueday after market close.

Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations.The charts provided here are not meant for investment purposes and only serve as technical examples.

That'a All. Have a nice evening !!!

AC

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  • I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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