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Asset Watch

Is Amazon Big Tech’s new leader?

Thursday, August 24, 2023

While several of its peers have suffered technical damage, Amazon remained relatively unscathed during the recent correction. For example, Big Tech heavyweights like Apple, Microsoft, Meta Platforms and Netflix ended the Aug. 22 session below their 50-day moving averages.
Conversely, Amazon remains above the key level, which is often a barometer for whether a medium-term uptrend is intact. Moreover, Wedbush added Amazon to its “Best Ideas’ list, and analyst Scott Devitt wrote on Aug. 21:
“Amazon’s core business is now well positioned with an industry-leading fulfillment infrastructure delivering 4x as many same-day or next-[day] orders in the U.S. versus 2019.”

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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