Pentagon Weighs Ending JEDI Cloud Project Amid Amazon Court Fight

AMAZON

Pentagon Weighs Ending JEDI Cloud Project Amid Amazon Court Fight

AMAZON DOWN 0.45% AT 3291.61

Pentagon officials are considering pulling the plug on the star-crossed JEDI cloud-computing project, which has been mired in litigation from Amazon.com Inc. and faces continuing criticism from lawmakers.

The Joint Enterprise Defence Infrastructure contract was awarded to Microsoft Corp. in 2019 over Amazon, which has contested the award in court ever since.

A federal judge last month refused the Pentagon’s motion to dismiss much of Amazon’s case. A few days later, Deputy Defence Secretary Kathleen Hicks said the department would review the project.

“We’re going to have to assess where we are with regard to the ongoing litigation around JEDI and determine what the best path forward is for the department,” Ms. Hicks said at an April 30 security conference organized by the non-profit Aspen Institute.

On technical fronts AMAZON RSI stood at 47.37 and currently stock is trading Below 5 days MA and Above 20 and 50 days Moving Averages. So, BUY position can be taken with following target and stoploss.

TRADE SIGNAL -: AMAZON – BUY: 3291.61, TARGET: 3348.73, STOP LOSS: 3179.13

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