Amazon drops almost 3% after FTC lawsuit

Shares of Amazon (AMZN.US) are trading almost 3% lower today. Apart from an overall downbeat moods on the global markets, Amazon stock is reacting to the Federal Trade Commission lawsuit (FTC). FTC sued Amazon for illegally maintaining monopoly power by using anti-discounting measures to penalize sellers and discourage other retailers from offering lower prices. Apart from FTC, Amazon was also sued by 17 US state attorney generals. It is said that Amazon's practices influence hundreds of billions in retail sales annually and affect over 100 million shoppers.

Amazon replied saying that if the antitrust suit is successful, it will result in fewer products to choose from, higher prices and slower deliveries. Company said that it is wrong on the facts and that it will defend itself in the court.

Taking a look at Amazon (AMZN.US) chart at D1 interval, we can see that the pair is deepening the ongoing downward move today and is trading over 12% off recent highs. Stock is testing $126 support zone today and a break below would pave the way for a decline towards the next support in-line - $114 area marked with previous price reactions and 200-session moving average (purple line).

Source: xStation5

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