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MSFT To Retest March Highs

|Includes: Microsoft Corporation (MSFT)

One of my alerts for this week was related to the price movement of MSFT. This stock is testing very important resistance. Triple top at 31$ looks like it is time to be broken upwards. Breaking this resistance could signal a move higher towards 33-34$ after testing 32,50$ March highs.

The upward move looks impulsive after a double bottom at the area around 28$. The decline from 32,50$ is a 3 wave move, thus a corrective one. It could very well be just the first part of a bigger correction. This would make it more difficult for the stock to move above 32,50$ highs. However we should also take into consideration the scenario where the correction is over at 28$ and MSFT is heading higher within a new impulsive wave.

For the short term, 30$ should not be broken if the stock is to retest 32,5$. First positive signal is enabled if the price moves above 31$.

Thank you for taking the time to read my post.