Amazon's stock pulls back sharply from resistance at the 50-day moving average
Shares of Amazon.com Inc. bounced for a second-straight session following disappointing third-quarter results, but still remain in a technically precarious position. The stock rose as much as 1.4% to an intraday high of $800.84 within minutes of the open, to peek briefly above its 50-day moving average at $800.68, before backing off sharply to be up just 0.1% at $790.80 in recent trade. The stock was also still well below a broken uptrend line, which extends to about $823. Last Thursday, the stock had dropped 5.1% to break below the uptrend line and the 50-day moving average, to warn that a new downtrend may have started. The stock has now gained 17% year to date, while the S&P 500 has tacked on 3.9%.
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