MSFT Share Buyback + Bull Flag Breakout
MSFT had a shorter term bull flag breakout last week, but stalled around $430 which has been previous support/resistance. Not much action on it today, but they just announced a buyback and dividend after hours. So far only seeing a small pop in after hours trading.
I'm skeptical about tech stocks in particular being bullish, but right now we have a lot of breakouts and bullish charts. I wouldn't do anything crazy until after FOMC, but this is one I'll have my eye on. Not only do we have the news, but I consider this $430 area to be a major one.
If it is able to break back above and continue the momentum, it should eventually hit the bull flag pole target around $456. Next upside target from there would be ATH. I'd be comfortable holding longs until it breaks back below $430 at which point I'd stop out.
I'm skeptical about tech stocks in particular being bullish, but right now we have a lot of breakouts and bullish charts. I wouldn't do anything crazy until after FOMC, but this is one I'll have my eye on. Not only do we have the news, but I consider this $430 area to be a major one.
If it is able to break back above and continue the momentum, it should eventually hit the bull flag pole target around $456. Next upside target from there would be ATH. I'd be comfortable holding longs until it breaks back below $430 at which point I'd stop out.
Short Thesis:
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky, most traders lose money!
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky, most traders lose money!
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