AMZN On Watch
Last week, I wrote a blog post discussing how market leadership continues to be narrow. The stocks that continue to hold up the best are large-cap names that most people are familiar with: META, GOOGL, NVDA, NFLX, and AMZN. It seems like funds and institutions are not yet ready to broaden out their holdings into new leadership and instead are choosing to venture back into well-known names.
Amazon.com is a company that millions of people use each day, and its' stock is in no way a secret. However, there are some things happening with AMZN that casual market participants have most likely not noticed yet. First, after a down year in 2022, Amazon is expected to deliver strong annual earnings in 2023. Further, AMZN's quarterly earnings are accelerating, with the last two quarters showing triple-digit growth.
AMZN has been building a tight base over the last few weeks and has found support near the 50-day moving average recently. I will be looking to start a position in Amazon should it clear recent resistance.
Risk right. Sit tight.
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