I believe a 2.5 - 5% correction is the most likely scenario for Microsoft in September if it closes below 297.
Shreds of evidence support this Idea:
1- Getting out of the bullish regression channel
2- making outside day pattern with increased volume price
3- price decline after a lower high pattern
Microsft did not experience any meaningful correction in the past 4 months:
Fibo levels:
Weekly Chart: Schiff Pitchfork
Microsoft has a significant positive correlation with S&P 500:
Conclusion:
Microsoft is short unless closes above 305 in the daily chart with high volume.
Shreds of evidence support this Idea:
1- Getting out of the bullish regression channel
2- making outside day pattern with increased volume price
3- price decline after a lower high pattern
Microsft did not experience any meaningful correction in the past 4 months:
Fibo levels:
Weekly Chart: Schiff Pitchfork
Microsoft has a significant positive correlation with S&P 500:
Conclusion:
Microsoft is short unless closes above 305 in the daily chart with high volume.
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Use the following link to access trading ideas: patreon.com/SniperTraderStocks?utm_medium=unknown&utm_source=join_link&utm_campaign=creatorshare_creator&utm_content=copyLink
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.