- Yahoo's weekly sell off has brought the stock down to a major support level.
- 50 Week moving average. 50% Fibonacci retrace level and the 200 Day moving average.
- So a confluence of support, But will it hold? On seeing the Volume in weekly chart i feel this support level may get breached.
- Most important chart is the last one which has the daily time frame with 200 day moving average. Last hit at this moving average resulted in a rally. Price on friday has taken support at this level if it gets breached on closing basis then the correction will get extended.
- MSFT WEEKEND UPDATE
May 15, 2011
- 50 Week moving average is acting as stiff resistance for MSFT.
- Price is looking negative in weekly chart. Price has broken an important trend line on closing basis in weekly chart.
- But Stock has good support at 24 Levels. Price is moving down to the support line of the triangle. Which can take it to 24 levels exactly.
- If 24 is held we may see a long trade happening considering the oversold indicators in weekly and daily chart.