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The Microsoft stock price gained 0.463% on the last trading day (Tuesday, 16th Jan 2024), rising from $388.47 to $390.27. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 1.65% from a day low at $387.62 to a day high of $394.03. The price has risen in 6 of the last 10 days and is up by 3.78% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 6 million more shares were traded than the day before. In total, 27 million shares were bought and sold for approximately $10.50 billion.
On Jan 12, 2024, it was reported that Piper Sandler gave MSFT a "Overweight" grade with a "hold" action.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 12.86% during the next 3 months and, with a 90% probability hold a price between $416.39 and $459.37 at the end of this 3-month period.
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 $380.62 and $374.91. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, December 14, 2023, and so far it has risen 6.65%. 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.
On the downside, the stock finds support just below today's level from accumulated volume at $370.73 and $369.67.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Microsoft finds support just below today's level at $370.73. If this is broken, then the next support from accumulated volume will be at $369.67 and $340.67.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $6.41 between high and low, or 1.65%. For the last week the stock has had daily average volatility of 1.75%.
Since the Microsoft has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Microsoft holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
Check full Microsoft forecast and analysis here.