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Watch for Microsoft to Potentially Pullback After Gaining 2.78% Yesterday
Nov 23, 2012 (SmarTrend(R) News Watch via COMTEX) --
Microsoft (NASDAQ:MSFT) traded in a range yesterday that spanned from a low of $27.20 to a high of $27.77. Yesterday, the shares gained 2.8%, which took the trading range above the 3-day high of $27.17 on volume of 57.8 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Microsoft has traded in a range of $23.65 to $32.95 and is now at $27.70, 17% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.2%.
SmarTrend recommended that its subscribers protect gains by selling shares of Microsoft on October 9th, 2012 by issuing a Downtrend alert when the shares were trading at $29.46. Since that call, shares of Microsoft have fallen 8.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Write to Chip Brian at cbrian@mysmartrend.com
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