Stronger technical forecast for Microsoft stock price after Tuesday trading.StockInvest.us, 2 weeks ago
The Microsoft stock price gained 0.98% on the last trading day (Tuesday, 14th Nov 2023), rising from $366.68 to $370.27. During the last trading day the stock fluctuated 1.25% from a day low at $367.35 to a day high of $371.95. The price has risen in 8 of the last 10 days and is up by 9.51% 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, 7 million more shares were traded than the day before. In total, 26 million shares were bought and sold for approximately $9.68 billion.
On Nov 06, 2023, it was reported that Bernstein gave MSFT a "Buy" grade with a "hold" 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 $359.61, a level that may pose a second chance to hit a runner. According to fan-theory $390.06 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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 $363.94 and $336.39. 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 18.62%. 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 $340.67 and $330.22.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 $340.67. If this is broken, then the next support from accumulated volume will be at $330.22 and $327.89.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $4.60 between high and low, or 1.25%. For the last week, the stock has had daily average volatility of 1.32%.
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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.Check full Microsoft forecast and analysis here.