Magnificent Opportunity on MSFT

by | Jan 4, 2024

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:

Microsoft Breakout 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.

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