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Microsoft Stock at Record High: Are Dips Supported for More Gains?

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Aayush Jindal

Key Highlights

  • Microsoft’s stock price climbed to a new all-time high at $468.29 on TitanFX.
  • A key bullish trend line is forming with support at $440 on the daily chart.
  • The stock gained almost 25% YTD and over 40% in the past year.
  • Microsoft reported a strong increase of 17% in revenue for the quarter ended March 31, 2024.

Microsoft Stock Price Analysis

In the past few weeks, we saw a strong increase in Microsoft’s stock price (NASDAQ: MSFT) above the $400 level. The bulls remained active, and the uptrend extended above $440.

On April 25, 2024, Microsoft Corp. announced its earnings report for the quarter of March 31, 2024. Revenue was $61.9 billion and increased 17%, operating income was $27.6 billion and increased 23%, and net income was $21.9 billion and increased 20%.

Looking at the daily chart, the price gained bullish momentum above the $400 resistance. It even broke the $440 hurdle and traded to a new all-time high at $468.29 on TitanFX. The price is now consolidating gains below the $465 level.

There is also a key bullish trend line forming with support at $440 on the daily chart. The trend line is close to the 38.2% Fib retracement level of the upward move from the $404.50 swing low to the $468.29 high.

If there is a downside break below the trend line, the price could reach the $428 level. It is close to the 61.8% Fib retracement level of the upward move from the $404.50 swing low to the $468.29 high.

The main support sits at $420, below which Microsoft stock price could revisit the $400 support. On the upside, the $465 level presents resistance. A close above $465 might open the doors for a move toward the $480 level in the coming days.

Economic Releases

  • US Initial Jobless Claims - Forecast 236K, versus 238K previous.
  • US Consumer Price Index for June 2024 (MoM) – Forecast +0.1%, versus 0% previous.
  • US Consumer Price Index for June 2024 (YoY) – Forecast +3.1%, versus +3.3% previous.
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