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The Microsoft stock price gained 1.29% on the last trading day (Friday, 3rd Nov 2023), rising from $348.32 to $352.80. 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 2.03% from a day low at $347.33 to a day high of $354.39. The price has risen in 9 of the last 10 days and is up by 8% over the past 2 weeks. Volume fell on the last day by -518 thousand shares and in total, 22 million shares were bought and sold for approximately $7.93 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
On Oct 25, 2023, it was reported that HSBC gave MSFT a "Buy" grade with a "upgrade" action.
The stock has broken the weak rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $345.35, a level that may pose a second chance to hit a runner. According to fan-theory $373.39 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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 $340.04 and $327.74. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, October 26, 2023, and so far it has risen 7.60%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Microsoft finds support from accumulated volume at $340.67 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $7.06 between high and low, or 2.03%. For the last week the stock has had daily average volatility of 1.81%.
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 has broken the weak rising trend up. As the stock is also in great technical shape 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.