MSFT Follows Our Bullish Near-Term Technical Script
by Mike Paulenoff
January 15, 2024 • 2:01 PM EST
On Wednesday, January 10, 2024, right at the opening bell, this is what we discussed about my near-term technical setup in MSFT (Microsoft):
MSFT is about to emerge from a bullish 6-week high-level digestion period after hitting its 11/29/23 ATH at 385.50. MSFT needs to climb and sustain above 377.20/70 to trigger upside continuation that points to a retest and hurdle of 385.50, and then to 395-400 thereafter. Only a sudden sharp downside reversal that presses MSFT beneath 6-week support from 366.00 to 362.50 will wreck the setup. Last is 377.23...
Fast-forward to the price action in MSFT during the subsequent two trading days at the end of last week, we see that indeed, the stock took off to the upside upon taking out resistance at 377.20/70 and proceeded to thrust directly to a new all-time high at 390.68 the very next day (1/11/24). MSFT closed Friday at 388.47, a full 3% above my heads-up to MPTrader members on Wednesday morning.
What is the most likely price path and the growing risks for MSFT, especially with earnings approaching on 1/25/24? Join Mike and MPTrader members for their continuing discussions about the direction and risks concerning MSFT in the days leading up to earnings, as well as about other names and ETFs impacted by upcoming earnings reports, macro indices, commodities, and Bitcoin...
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts
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