Microsoft trades in channels

Source: Dukascopy Bank SA


Microsoft has overtaken Apple as the world's most value company. Microsoft has continued to gain due to growing cloud and AI services sector. However, Apple appears to have lost market share in China, as the Chinese consumers switch to local produced smartphones. This article concentrates on the Microsoft tech chart.

From a technical perspective, Microsoft is surging in two large scale channel up patterns that capture the stock's moves since the start of 2023. In general, the large scale pattern captures the whole AI gains and markets pulling into the trade. Meanwhile, a smaller scale decline occurred in late Summer and early Autumn due to a broader market sell of. On September 27, the surge resumed, and since then a new channel up pattern has been formed.

In addition, it can be observed that the surge pauses and consolidates after hitting round price levels. Most recently, the 420.00 mark acted as resistance and caused the recent retracement down. Moreover, the 50-day simple moving average has acted as support in early 2024. The SMA appears to be following close by and strengthens the lower trend line of the pattern.

In regards to the near term future, the price is set to look for support, before resuming its surge. Support could be found in the combination of the 400.00 level, the lower trend line of the channel pattern and the 50-day simple moving averages. These levels have to provide enough strength for the stock to break through the 420.00 level.

Although, in the case of a sudden breaking of the pattern, the price would look for support in the 380.00 and 365.00 levels.
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