Last Thursday, the shares of Microsoft Corporation dropped and broke (red circle) below the neckline (red line) of the double top formation (indicated by the 2 red arcs) that formed after the 10-month ascending channel (blue dotted lines) ended. The price of the MSFT stocks opened at 27.65 but closed weaker at $27.11 per share last Thursday. Given the recent breakdown, it could be heading down to the support at 24.43 (violet dotted line). In case the pair retraces and moves up, the double top’s neckline could act as a new resistance to halt it from rising higher. Though for the mean time, I expect the pair to range for awhile somewhere between 24.43 and 27.60 before probably continuing its descent.
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.
