Stock of the day: Microsoft

Stock of the day: Microsoft
Investors and traders alike have cast a watchful eye on Microsoft, as the tech giant showcased a notably bullish candle on Friday, instigating speculation around whether this upswing will maintain its momentum through the upcoming week. Let's delve into a comprehensive look.
Zooming out, we observe a formidable uptrend that has characterized Microsoft's trajectory since November 2022, culminating in a local pinnacle mid-July. However, what followed was a bearish correction, morphing into a wedge pattern, delineated by black lines on the chart, which has captured the attention of keen market participants.

This correction thoughtfully made its way to the 38.2% Fibonacci retracement level, adorned in an orange hue on our charts, which acted not just as a mere number but as a robust support. The price exhibited a bounce, propelling it upwards yet shying away from confirming a full-fledged buy signal. This hesitance is encapsulated in its failure to breach the upper line of the wedge, stationed at the 23.6% Fibonacci retracement level.

For traders who operate with a long-term perspective, a daily close above the aforementioned 23.6% Fibonacci will be pivotal. This action would serve as a beacon, signaling a significant, long-term buy and could potentially usher in a new chapter of sustained upward movement for Microsoft.
Show More Articles
Axiory uses cookies to improve your browsing experience. You can click Accept or continue browsing to consent to cookies usage. Please read our Cookie Policy to learn more.