Green day on Wednesday for MicrosoftStockInvest.us, 1 month ago
The Microsoft stock price gained 3.07% on the last trading day (Wednesday, 25th Oct 2023), rising from $330.53 to $340.67. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.54% from a day low at $337.62 to a day high of $346.20. The price has been going up and down for this period, and there has been a 2.48% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 28 million more shares were traded than the day before. In total, 54 million shares were bought and sold for approximately $18.53 billion.
On Oct 25, 2023, it was reported that Bernstein gave MSFT a "Outperform" grade with a "hold" action.
The stock has broken the horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. $338.26 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach $364.70 sometime during the next 3 months.
Mostly positive signals in the chart today. The Microsoft stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $331.53 and $326.55. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, September 26, 2023, and so far it has risen 9.14%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Microsoft finds support from accumulated volume at $337.77 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $8.58 (2.54%) between high and low. For the last week, the stock has had daily average volatility of 2.04%.
Several short-term signals are positive and the stock has broken the horizontal trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Microsoft stock to perform well in the short-term period.Check full Microsoft forecast and analysis here.