Amazon (AMZN) Bear Flag Hitting Resistance Point
February 08, 2011 at 11:35 AM EST
Amazon.com, Inc. (NASDAQ:AMZN) is moving into a key resistance point on the daily chart. This is called a neck tie and occurs when two moving averages converge. In this case, the 20 and the 50 moving averages. In addition, a classic bear flag formation has formed after Amazon reported earnings that missed Wall Streets expectations. [...]