AMZN Breaking Out! $AMZN
Just broke a very crucial resistance line and should move higher. AMZN has been in an ascending triangle for the past year. We have just broke out of this pattern which historically implies further upside. Still trading at fair valuations (66x PE) given the growth potential. Also the news of the JEDI contract being rebid is very positive for AMZN, given the contact now could go to AMZN ( Worth 10b). When Microsoft received the JEDI contact critics claimed the Trump Admin was favoring Microsoft given AMZN's cloud computing abilities and the hostility between the Trump administration and Amazon. Amazon now has another chance to receive the JEDI contract which is huge for the company.
