MSFT broke up the daily trendline which was formed through the tops of the 5th July and the 19th September, but bulls did not manage to close above it this Friday.
On the daily charts 100 EMA is above 200 EMA, as it is the same on the 30 mins TF, where the price fluctuates in the uptrend channel.
Daily lower trendline is confirmed by third rejection and price going up from the support on the 16th October.
With the upcoming earnings report I expect some volatility and potential buy setup forming near the 30 min channel support and daily trendline support in the price region of 415.70-418.70.
I am ready to open long position at or around 417.90, with SL below daily trendline (but not below 412.75) with potential partial TP at the top of 30 min channel close to 435 and then at 442.
If on daily TF MSFT closes above 443, that would signal potential rapid movement up and testing highs of 470, but I don't expect this to happen too soon.
On the daily charts 100 EMA is above 200 EMA, as it is the same on the 30 mins TF, where the price fluctuates in the uptrend channel.
Daily lower trendline is confirmed by third rejection and price going up from the support on the 16th October.
With the upcoming earnings report I expect some volatility and potential buy setup forming near the 30 min channel support and daily trendline support in the price region of 415.70-418.70.
I am ready to open long position at or around 417.90, with SL below daily trendline (but not below 412.75) with potential partial TP at the top of 30 min channel close to 435 and then at 442.
If on daily TF MSFT closes above 443, that would signal potential rapid movement up and testing highs of 470, but I don't expect this to happen too soon.
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