Microsoft MSFT Gently Nudges to New High
Software giant Microsoft (MSFT) continue to be a “strong stock getting stronger” as evidenced by today’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.
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Corey Rosenbloom, CMT
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Thanks for the update here Corey. I am long MSFT and will look to add on a continued breakout.
We need to be very wise with how we go about doing things, as it will be very interesting where things reaches next and if the strength continues on same levels. I always try to keep everything going simple and straight forward way; it’s helpful with broker like OctaFX, as they are very special with having epic conditions with having steady spreads from 0.1 pips while there is also rebate scheme where I get 50% back on all trades, so it’s very handy.