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Technicals Indicate More Gains Ahead For Microsoft

Wednesday, November 30, 2016 8:25
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(Before It's News)

From Corey Rosenbloom: Software giant Microsoft Corporation (NASDAQ:MSFT) continue to be a “strong stock getting stronger” as evidenced by yesterday’s new high.

Let’s chart this bullish candidate and plan key levels on which to focus for any trades:

On the Daily Chart, we can see short-term pivot support/resistance levels at $56.00 and $58.00.

We’re also seeing a new short-term resistance level at $61.00 but if price holds above this level, it could easily develop into a similar future support shelf.

For now, we’re watching the small V-Spike Bullish Reversal in November that propelled price to the new high.

If we pull the perspective back to the weekly chart, the bullish uptrend becomes clearer:

We see additional larger-timeframe price pivot points and they include $40.00, $49.00, and again $56.00.

Note how price rallied higher, found resistance, developed a range, and then broke through to new highs.

We’re in a pro-trend bullish impulse period where shares haven’t yet reached their new resistance high – most likely.

As such, focus on the Daily Chart levels in this strongly uptrending stock and expect higher prices ahead if price remains above $60.00.

Microsoft shares fell $0.30 (-0.49%) to $60.79 in Wednesday morning trading. Year-to-date, MSFT has gained 9.53%, putting it slightly ahead of the benchmark S&P 500’s return during the same time period.

This article is brought to you courtesy of AfraidToTrade.com.

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)

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