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Amazon Skyrocketed to New Record

Amazon Skyrocketed to New Record

Updated

What happened?

Amazon is a US tech giant company, involved in e-commerce, cloud computing, digital streaming, and artificial intelligence. Amazon founder Jeff Bezos stepped down as CEO on July 5. Andy Jassy, who ran Amazon's cloud-computing business and worked in a company for 24 years (!), replaced Bezos.

However, it wasn’t the reason for the stock’s jump. What pushed the price up then? Pentagon! Yeah, it decided to divide the $10 billion contract of a cloud-computing deal between Microsoft and Amazon. The full contract should have gone to Microsoft only, but Amazon argued that it would be unfair and Pentagon agreed.

Moreover, Amazon made a multi-year deal with Comcast's Hollywood heavyweight Universal. Amazon will add Universal Pictures’ films to the Prime Video streaming service. It will make Amazon closer to Netflix in terms of gotta-see-it content and prominence. Overall, there has been just good news for Amazon so far.

Technical tips

It’s better to look at the weekly chart to see the whole picture. Since mid-summer of 2020, Amazon was moving back and forth in a horizontal corridor between $2900 and $3500. This week, it has escaped that corridor breaking above the resistance of $3500! Will it reach $4000 soon?

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