I posted the chart of Microsoft Corporation or MSFT in the New York Stock Exchange last May 2010 when it had broken down from the neckline of its double top formation (kindly check here). After weeks of consolidation, an inverted or a bearish flag formed which eventually broke down when the price fell below $24.50 mark. In my other post (kindly check here), I mentioned that it would likely do so and indeed it happened. When the $24.5o support got breached, the price slid all the way to $22.73. Some luck, however, came back, causing a gap up in prices.
At present, the shares of Bill Gates are trading just below $24.00. And if you look at its MACD, you will notice that is about to turn positive, suggesting that it could still go higher. Though, the support of the previous flag would more likely hinder it from rising some more. In any case, if it falls back and breaks below the $22.73 support, $22.00 would be an easy downside target.
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