Microsoft lost its contract with the US Defense Department

The US Defense Department is cancelling a $10B JEDI (Joint Enterprise Defense Infrastructure) contract awarded to Microsoft (MSFT.US). Pentagon said today that “due to evolving requirements, increased cloud conversancy, and industry advances, the JEDI Cloud contract no longer meets its needs” and that it will seek a new multi-cloud, multi-vendor contract. The Pentagon is looking forward for proposals from both Amazon and Microsoft adding that they are the only cloud service providers that can meet its criteria. Still the US Defense department will continue to do market research to see if others could also meet its specifications.

Microsoft (MSFT.US) stock pulled back from all-time high at $279.40 after today's news and is heading towards major support at $272.55 which is marked with the lower limit of the 1:1 structure and 50 SMA (green line). If the current sentiment prevails, then the next target for sellers is located at 38.2 Fibonacci retracement of the last upward wave which coincides with 200 SMA (red line). Source: xStation5

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