Microsoft MSFT Gently Nudges to New High

Nov 29, 2016: 3:02 PM CST

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

Afraid to Trade.com

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2 Comments

2 Responses to “Microsoft MSFT Gently Nudges to New High”

  1. Intelligent Trend Follower Says:

    Thanks for the update here Corey. I am long MSFT and will look to add on a continued breakout.

  2. Sunil Says:

    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.