Microsoft stock upgraded from Hold/Accumulate to Buy Candidate after Tuesday trading session.StockInvest.us, 1 month ago
The Microsoft stock price gained 0.367% on the last trading day (Tuesday, 24th Oct 2023), rising from $329.32 to $330.53. During the last trading day the stock fluctuated 1.29% from a day low at $327.60 to a day high of $331.84. The price has been going up and down for this period, and there has been a 0.65% 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, 4 million more shares were traded than the day before. In total, 27 million shares were bought and sold for approximately $8.79 billion.
On Oct 20, 2023, it was reported that KeyBanc gave MSFT a "Overweight" grade with a "hold" action.
The stock is moving within a 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 $306.70 and $332.36 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.
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 $330.38 and $326.33. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Monday, October 16, 2023, and so far it has fallen -0.634%. Further fall is indicated until a new bottom pivot has been found.
Microsoft finds support from accumulated volume at $330.22 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 $4.24 (1.29%) between high and low. For the last week, the stock has had daily average volatility of 1.97%.
Several short-term signals are positive and 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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.Check full Microsoft forecast and analysis here.