$MSFT Head and Shoulders Pattern in Formation?
MSFT Technical Analysis of MSFT:
Head and Shoulders Pattern in Formation
Currently, the support established around $390 might be forming the neckline of a potential head and shoulders pattern. To complete this pattern, the right shoulder still needs to form.
Key point to watch: if the right shoulder develops below the 61.8% Fibonacci retracement level, projected at $436, it could signal a bearish move. A confirmed break of the $390 support would then be expected to trigger a downward move towards the potential target of $310.
Summary:
Current Support/Neckline Level: $390
61.8% Fibonacci Retracement Level: $436
Watch for Right Shoulder Formation Below $436
Potential Downward Target: $310
Monitor for the formation of the right shoulder and a potential break of support to validate the bearish outlook.
Related publications
Disclaimer
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.