I spy a double bottom on the weekly. If MSFT can break above the neckline of this double bottom around 441, we can take it up to 468 (it’s previous ATH). I would expect a pull back or some basing here, but then see potential to create new high after. MSFT is currently holding above its downtrend line formed from July and September peaks.
If it breaks down: I not looking to trade this to the downside unless it breaks the recent uptrend line around 415 - 420. Even so, I wouldn't expect a significant or long term decline. I personally would wait for the move up.
If it breaks down: I not looking to trade this to the downside unless it breaks the recent uptrend line around 415 - 420. Even so, I wouldn't expect a significant or long term decline. I personally would wait for the move up.
Note
MSFT gapped down on earnings, opening below its uptrend line on the daily. Price is holding really nicely at the key level I have plotted in yellow at 404.35. That key level is based on the high volume candle formed May 31 '24 which had a huge volume pop, followed by a strong rise. This key level is also not too far from the support line I have drawn at 397.56, which has held the price up a few times as well. I am still confident for a bullish move here. Note
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.