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Microsoft Stock Hits New ATH, Bulls Not Done Yet?

Key Highlights

  • Microsoft’s stock price climbed to a new all-time high at $415.09 on TitanFX.
  • A key bullish trend line is forming with support at $395 on the daily chart.
  • Microsoft reported a strong increase of 18% in revenue for the quarter ended December 31, 2023.
  • The price is consolidating gains and there could be more upsides above $415.

 

Microsoft Stock Price Analysis

In the last analysis, we saw a strong increase in Microsoft’s stock price (NASDAQ: MSFT) above the $300 level. The bulls remained active, and the uptrend extended above $400.

On January 30, 2024, Microsoft Corp. today announced its earnings report for the quarter ended December 31, 2023. Revenue was $62.0 billion and increased 18%, operating income was $27.0 billion and increased 33%, and net income was $21.9 billion and increased 33%.

Looking at the daily chart, the price gained bullish momentum above the $350 resistance. It even broke the $400 handle and traded to a new all-time high at $415.09 on TitanFX. The price is now consolidating gains below the $415 level.

There is also a key bullish trend line forming with support at $395 on the daily chart. The trend line is close to the 38.2% Fib retracement level of the upward move from the $366.47 swing low to the $415.09 high.

If there is a downside break below the trend line, the price could reach the $390 level. It is close to the 50% Fib retracement level of the upward move from the $366.47 swing low to the $415.09 high.

The main support sits at $378, below which Microsoft stock price could revisit the $365 support. On the upside, the $415 level presents resistance. A close above $415 might open the doors for a move toward the $440 level in the coming days.

Economic Releases

  • US Initial Jobless Claims - Forecast 220K, versus 224K previous.