MSFT has followed through nicely after bouncing out of our expected long term support zone below 254. Price recently consolidated after reaching the 1.618 fib extension, but has held short term moving average support and now looks ready to continue higher.
Resistance could come in at 283.6, but we think the higher likelihood is to see price re-test the overhead gap range of 292-296 in the coming days.
Resistance could come in at 283.6, but we think the higher likelihood is to see price re-test the overhead gap range of 292-296 in the coming days.
Comment:
This idea is valid as long as price holds the 261.6 low.
Trade closed: stop reached:
Idea no longer valid with failure of 261.6 low