Amazon’s stock head for first loss in 8 sessions, as charts suggest ‘very overbought’ condition


Shares of Inc. fell 0.4% in afternoon trade Tuesday, putting them on track to snap a seven-session win streak, amid a broad pullback in the technology sector. The technology-heavy Nasdaq 100 fell 0.9%, with 80 of 103 components trading lower, compared with a 0.3% decline in the Dow Jones Industrial Average . Amazon shares were up as much as 1.2% earlier in the session at an all-time intraday high of $1,617.54 before they turned lower. The stock had run up 7.0% over the past seven sessions, which included five-straight record closes. Over the same time, the Nasdaq 100 had climbed 5.6%, and also rose for seven-straight sessions, while the Dow Jones Industrial Average had gained 2.3% and rose four times in seven days. Dan Wantrobski, technical analyst at Janney Montgomery Scott, said Amazon’s stock was “very overbought by short-term technical standards.” Amazon’s stock was still up 36.7% over the past three months, while the Nasdaq 100 has gained 10.5% and the Dow has tacked on 2.2%.

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2018-03-13 11:56:00

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