MSFT long @ 417.13 for a quick bumpIt's oversold (according to my algo so please don't waste your time with telling me it's nowhere near oversold). It's in what I'd call a consolidation phase after more than doubling in the last 22 months. Unless there is a total macro meltdown, I don't see it having any good reason to (at worst) fall below the August 395 level and to do so would require to to breach the blue trend line as well as support from the early September low. I just don't see that happening soon.
That said, I'm a short term trader and with it being oversold, Im looking for a quick move higher in the next few days. Nothing amazing, I don't think, but enough to make me a quick buck or two. Maybe testing that upper blue resistance line.
Longer term, I'd give MSFT "core holding" status alongside NVDA as a major player in AI. NVDA from the hardware side, but MSFT in what I think will turn out to be the more lucrative side - applications. MSFT has a nearly endless number of potential applications for AI and are investing heavily in it, for both themselves and to provide services for customers down the road.
I'd get bearish if it broke down below 395, but if that happens, I really think there will be nowhere to hide in the market. Obviously if it breaks the upper blue resistance line, I see 465-470 ATH as its next test. I think short term it tests the blue support trend line and bounces. That's what I'm here for.
