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Possible Bearish Inside Day Candle Pattern Detected for Microsoft Corp (NASDAQ:MSFT)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Microsoft Corp (NASDAQ:MSFT) based on the price action in the company's shares. Today's price range of $166.87 and $167.45 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Microsoft Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $167.24, Microsoft Corp is currently 34.1% above its average consensus analyst price target of $110.23. The stock should find initial support at its 50-day moving average (MA) of $154.59 and further support at its 200-day MA of $138.82.

Microsoft Corporation develops, manufactures, licenses, sells, and supports software products. The Company offers operating system software, server application software, business and consumer applications software, software development tools, and Internet and intranet software. Microsoft also develops video game consoles and digital music entertainment devices.

Over the past year, Microsoft Corp has traded in a range of $102.17 to $168.19 and is now at $167.24, 64% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.6%.

SmarTrend recommended that subscribers consider buying shares of Microsoft Corp on September 5th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $139.57. Since that recommendation, shares of Microsoft Corp have risen 19.4%. We continue to monitor MSFT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle microsoft corp

Ticker(s): MSFT