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Asset Watch
Thursday, August 24, 2023
He added:
“We expect sustainable double-digit Amazon Web Services growth in the intermediate term as more workloads shift to the cloud and demand for generative AI creates incremental spending in the coming years.”
As a result, with Amazon’s technicals and fundamentals showcasing strength, is the e-commerce giant the best bet among the NASDAQ 100’s elite?
The gray arrows below show how Amazon has found support at its 50-day MA since breaking out in March. And with three consecutive bounces off/near the key level in less than a month, investors’ appetite for the stock remains constructive.
Thus, while Amazon confronts resistance near $136 – a level that coincides with the July highs – a breakout could create a pathway back to the August highs, near $143.
So, is Amazon the safest play in Big Tech, or will August’s volatility elicit more downside for the entire technology sector?
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