Amazon (AMZN) Ready to Break Out to New High

06/03/2009 12:01 am EST

Focus: STOCKS

Shares of Amazon.com Inc (NASDAQ: AMZN) are again approaching their 2008 highs at $88.00 a share.

Currently near $83.00 a share, Amazon.com pulled back in May, closing below $74 on May 15, but since those lows, shares have moved steadily higher.

This is the second attempt to break out to new highs, and odds are good that Amazon.com will finally make it.

If $88.00 is surpassed, look for a run to the all-time highs at $100 a share.

By Frank Kollar of FibTimer.com

Disclosure: The Fibtimer.com Stock Timing Strategy holds a position in Amazon.com.

 

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