AMZN | Bearish still potentially continueAmazon is one of growth stocks with more than 20% growing sales per year. This growth sales likely will continue in future potentially with larger reached customers by Amazon. I do not have any significant complaint about the fundamental of Amazon, except for the high valuation of stock. According to the lowest P/E in the last 7 years, US$ 109 seems reflected the P/E. Probably that is the reason, AMZN rebounded around 101.87 lately.
But, technically, I still see bears pressure strong on the AMZN. And AMZN still has a high chance to breakdown 101.87 and going lower. Right now, AMZN moving sideways and has a high chance to test again near resistance around 125-129. Only if bulls can break the resistance, and maintain price above it, then we can expect AMZN will stop the dropping. Otherwise, AMZN is continuing going lower and making P/E lower and more attractive to investors.
