In our last post, we saw that the trillion dollar superstar AAPL had pulled back and has actually become a breakout candidate.
It’s not often that we get opportunities on magnificent stocks.
And now we have another one.
Microsoft (MSFT) has made a slight pullback as the Fed minutes have drained the fun out of everyone’s trading account thus far in 2024.
But this Magnificent 7 member now has a good entry point.
Here’s the chart:
The pullback is mild but the sideways action is typical for a rocketship stock that’s getting ready to blast off again.
A break above $384.30 would have no overhead supply to hold it back.
And it could lead to another big move.
We’ll keep an eye on it.
Happy trading,
— Scott Welsh
P.S. As a reminder, these plays are based on my longer-term Weinstein Stage Analysis method. The chart above uses weekly candles and a 30 week simple moving average. For details on this method, see my explanation on this Ask The Pros episode starting at timestamp 20:45.
