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The Microsoft stock price gained 1.41% on the last trading day (Wednesday, 23rd Aug 2023), rising from $322.46 to $327.00. 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 1.77% from a day low at $323.46 to a day high of $329.20. The price has been going up and down for this period, and there has been a 1.48% 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, 885 thousand more shares were traded than the day before. In total, 17 million shares were bought and sold for approximately $5.53 billion.
On Jul 25, 2023, it was reported that Piper Sandler gave MSFT a "Overweight" grade with a "hold" action.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Microsoft stock with a 90% probability to be traded between $310.63 and $350.57 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
A buy signal was issued from a pivot bottom point on Friday, August 18, 2023, and so far it has risen 3.32%. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Microsoft stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $333.41. On a fall, the stock will find some support from the short-term average at $320.99. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
Microsoft finds support from accumulated volume at $325.92 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 $5.74 (1.77%) between high and low. For the last week, the stock has had daily average volatility of 1.80%.
Microsoft holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Check full Microsoft forecast and analysis here.