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Microsoft Stock Sets New Highs, Dips Turn Attractive

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Aayush Jindal

Key Highlights

  • Microsoft’s stock price climbed to a new all-time high at $371.13 on TitanFX.
  • A key bullish trend line is forming with support at $350 on the daily chart.
  • The company reported a strong increase of 27% in earnings in the quarter ended Sept. 30 (YoY).
  • The current price action is positive above the $350 and $340 levels.

Microsoft Stock Price Analysis

After forming a base above the $310 level, Microsoft’s stock price (NASDAQ: MSFT) started a strong increase. It broke many hurdles near the $330 and $340 levels. Recently, the company reported earnings in the quarter ended Sept. 30. There was an increase of 27% in earnings and sales jumped 13% on the year-over-year basis.

In a news release, Microsoft Chief Executive Satya Nadella stated that “With copilots, we are making the age of AI real for people and businesses everywhere”. He added, “We are rapidly infusing AI across every layer of the tech stack and for every role and business process to drive productivity gains for our customers”.

Looking at the daily chart, the price even surged above the $350 level and climbed to a new all-time high at $371.13 on TitanFX. The price is now trading in a range and showing a lot of bullish signs.

There is also a key bullish trend line forming with support at $350 on the daily chart. The trend line is close to the 23.6% Fib retracement level of the upward move from the $309.41 swing low to the $371.13 high.

If there is a downside break below the trend line, the price could reach the $340 level. It is close to the 50% Fib retracement level of the upward move from the $309.41 swing low to the $371.13 high.

The main support sits at $332, below which Microsoft stock price could revisit the $310 support. On the upside, the $370 level presents resistance. A close above $370 might open the doors for a decent 3%-4% increase in the coming days.

Economic Releases

  • US Retail Sales for Oct 2023 (MoM) – Forecast -0.3%, versus +0.7% previous.
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