Amazon.com Inc

AMZN is in an early Stage 1 basing phase after a terminal decline, showing initial stabilization with higher highs and higher lows within a narrow range and rising short-term EMAs. The medium-term bias is bullish in anticipation of a potential Stage 2 advance, supported by EMAs acting as support and muted volatility. Short-term conditions favor buy participation now on pullbacks into the 9/21 EMA cluster. Execution should focus on shallow entries near the repaired EMA zone while monitoring for failure to hold base support.

• ↑Q1 revenue $181.5B (+17% YoY); AWS segment $37.6B (+28% YoY).
• ↑AWS backlog $364B, excluding $100B Anthropic commitment.
• ↓Q1 free cash flow plunged to $1.2B from $25.9B YoY.