Shares of Amazon have been under pressure, and the charts are pointing to more downside, according to one technical strategist.
The stock posted its first negative week after five-straight weeks of gains, its longest winning streak since March.
Despite the impressive streak, Amazon is showing signs of short-term exhaustion around Black Friday, and a further near-term pullback is likely, said Katie Stockton, chief technical strategist at BTIG. Her analysis follows a bullish breakout in late October.