
Amazon.com, Inc (NASDAQ:AMZN) spiked 1.78% higher at the market open on Thursday when it ran into a group of sellers at a resistance level at $3,131 and dropped over 2% of the high-of-day.
Amazon has spent the past two days consolidating Tuesday’s 4% rally in the form of a double inside bar pattern. An inside bar pattern indicates a period of consolidation and is usually followed by a continuation move in the direction of the current trend.