- MSFT Weekly candle shows a clean breakout with good closing near the high of the week.
- Daily chart shows price testing a possible resistance level with overbought indicators.
- But in this case If price sustains above 28.15 level then this up move will continue with indicators continue to sustain at overbought levels.
- Weakness for the very short term can be seen from the Bollinger bands in daily chart. Last four candles closed above the upper bollinger bands which is good for bulls. No weakness until this trend continues.
- If price gives a breakout above 4800 Bulls need support from 50 Day SMA. Breaking above 50 Day SMA will give a larger up move.
- Getting resisted near 50 Day SMA will give an opportunity to go short.
- Bulls will be weak below 20 Day SMA. Bears will be strong below 4588.
