Microsoft Corporation (NASDAQ:MSFT) riding a 7th-straight gain toward a 2nd-straight record close
Shares of Microsoft Corp. MSFT, +1.43% rose 0.8% in afternoon trade Monday, putting them on track for a 7th-straight gain toward a 2nd-straight record close. The win streak would be the longest since it rose for 8-straight sessions as of Aug. 9, 2018.
The software and cloud-computing company continues to hold its lead as the largest U.S. company by market capitalization, ahead of second-place Apple Inc. AAPL, +1.02% third-place Amazon.com Inc. AMZN, +1.74% and fourth-place Alphabet Inc. GOOGL, -0.15% Wall Street analysts are overwhelming bullish on Microsoft’s stock, as 31 of 34 analysts surveyed by FactSet rate it the equivalent of buy, 2 rate it a hold and just one rates it the equivalent of sell. The average price target of $126.37 implies an 8.1% climb from current levels.
Microsoft shares have soared 24% over the past 12 months, while Apple’s stock has gained 5.5%, Amazon shares have tacked on 11% and Alphabet shares have edged up 4.6%. The Dow Jones Industrial Average DJIA, +0.25% has gained 3.7% the past year.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 109.28.
The projected upper bound is: 122.29.
The projected lower bound is: 113.66.
The projected closing price is: 117.97.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 white candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 88.7125. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 11 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 74.97. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 55 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 177.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 11 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 3 period(s) ago.
Rex Takasugi – TD Profile
MICROSOFT CP closed up 1.660 at 117.570. Volume was 10% below average (neutral) and Bollinger Bands were 11% narrower than normal.
Open High Low Close Volume___
116.170 117.610 116.050 117.570 31,207,596
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 113.34 107.94 106.92
Volatility: 17 26 33
Volume: 29,012,242 28,912,492 31,293,554
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
MICROSOFT CP is currently 10.0% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into MSFT.O (mildly bullish). Our trend forecasting oscillators are currently bullish on MSFT.O and have had this outlook for the last 41 periods. Our momentum oscillator is currently indicating that MSFT.O is currently in an overbought condition.