Hi guys! looking for feedback on this idea.
Based on the bullish news ( 22B contract) I think MSFT is going to continue its uptrend direction. MACD and RSI look like they still have room to go to the upside. However, short-term traders should be careful if planning to enter Monday as we might see a retracement following all-time highs from SPY, which usually happens the day after it breaks resistance. A pullback is going to be normal if it happens so don't put your stop losses too tight.
If we see a break of the pitchfork center line (marked at 243.27) we might have a retest of MSFT all-time highs as soon as Tuesday.
Looking to open Long positions on Monday with a conservative price target of 245.06 for short-term profits ( i will re-enter if we break 246.14 resistance or average down if prices fall to pitchfork buy zone.) My stop loss would be 229.97 ( a fall from the trend support).
Let me know your thoughts! Thank you!
Based on the bullish news ( 22B contract) I think MSFT is going to continue its uptrend direction. MACD and RSI look like they still have room to go to the upside. However, short-term traders should be careful if planning to enter Monday as we might see a retracement following all-time highs from SPY, which usually happens the day after it breaks resistance. A pullback is going to be normal if it happens so don't put your stop losses too tight.
If we see a break of the pitchfork center line (marked at 243.27) we might have a retest of MSFT all-time highs as soon as Tuesday.
Looking to open Long positions on Monday with a conservative price target of 245.06 for short-term profits ( i will re-enter if we break 246.14 resistance or average down if prices fall to pitchfork buy zone.) My stop loss would be 229.97 ( a fall from the trend support).
Let me know your thoughts! Thank you!