Dr. Joe Duarte (http://www.joe-duarte.com), recently noted: Amazon.com ran into aggressive selling at its 200-day moving average on 2-26.

Duarte added: Still, the story is attractive and makes the stock worth keeping an eye on. While the world has been worrying about the economic crisis, shares of Amazon.com have been moving quietly higher, and are now trading just below their 200-day moving average, the line that divides bull and bear markets.

And aside from relative strength, the message is pretty clear: this company has something that consumers are looking for during these difficult times. It's a classic story, to be sure, but one that seems to be playing well, that of shopping from home, clicking through a few pages in a few minutes, and buying something that you'll get in the mail for less than if you had to drive around and waste time to find.

The trend started during last year's high oil prices, and looks to be gathering steam, along with the shares. Somewhere in the mix is the Kindle, the rapidly growing reader that lets folks download books wirelessly and take them wherever they go without the bulk of having to carry lots of paper.

It's like an I-phone for people who like to read and to do so under their own terms. In our view, Amazon has finally tapped into a growing demographic trend, that of providing convenience and decent service for a competitive price in an era where time and mobility are everything.

Duarte's conclusion: A move above 66 would take shares above their 200-day moving average and could be the start of a significant move higher.