Technical Pulse: Microsoft Corp September 19, 2022 88

 

Microsoft Corp (NASDAQ: MSFT) A potential bullish reversal to the upside as:   

 

  1. The bullish hammer candlestick formed on 16 September at the double bottom support area of 241.00-246.00 points towards a bullish upside.
  2. Bullish divergence was also observed where price made a lower high towards the support area while the Relative Strength Index (RSI) technical indicator made a higher high. This discrepancy points to a bullish upside as momentum is picking up despite the bearish price action.
  3. Price could reach the resistance level at 268.00 which is confluence of ichimoku cloud resistance at 267.85, a downtrend resistance line and 50% Fibonacci retracement level resistance, with the swing high of 294.18 and swing low of 242.06 as points of reference.

 

 

*Expected timeline of the trade is 13 weeks from the date of report issuance.

 

 

CHART LEGEND

 

Red box = Resistance zone

Green box = Support zone

Blue line = Conversion line

 

Red line = Base line

 

Green area = Ichimoku cloud

Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!

Featuring regular TA posts and requests to analyse specific stocks
Click to join!
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!