Microsoft Corp. - (MSFT) - April 27, 2023
Microsoft* (MSFT) continues to work its way up the rankings in the SIA NASDAQ 100 Index Report. Continuing an upward trend that started in the red zone in January, MSFT has now reached its highest rank in over a year. Since returning to the Green Favored Zone about a month ago, the shares are up 5.2%. Yesterday, MSFT finished in 16th place, up 5 spots on the day and up 10 positions in the last month.
Microsoft (MSFT) staged a big breakaway gap on a volume spike, and positive earnings yesterday, launching up off of $275.00, where a previous resistance level had been successfully retested as new support, and rallying to its highest level since April of 2022. This breakout signals the start of a new upleg of a recovery trend which started in earnest back in January and has so far snapped a downtrend line, completed a bullish Ascending Triangle base and completed a bullish Golden Cross.
Currently the shares are challenging the $300.00 round number with next potential resistance in the $325.00 to $340.00 area, a zone based on the confluence of previous highs and a measured move. Initial support appears at the bottom of yesterday’s gap near $280.00.
*Shares of Microsoft are held in portfolios managed by SIA Wealth Management.
After spending most of 2022 under distribution, Microsoft* (MSFT) has increasingly turned its trend around in 2023. Since bottoming out in October, the shares have established a new uptrend of higher lows, including two recent Double Top breakouts with a small correction in between that have combined into a Bullish Catapult. Initial upside resistance appears near $314.10 where a previous column high and a vertical count converge, followed by the January 2022 peak near $340.00 and then $353.70 based on a horizontal count. Initial support appears near $268.05 based on a 3-box reversal and a retest of a recent breakout point. With a perfect SMAX score of 10, MSFT is exhibiting weakness across the asset classes. *Shares of Microsoft are held in portfolios managed by SIA Wealth Management.
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