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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Microsoft (NASDAQ:MSFT) based on the price action in the company's shares. Today's price range of $52.44 and $52.87 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Microsoft has overhead space with shares priced $52.80, or 5.4% below the average consensus analyst price target of $55.84. The stock should find resistance at its 50-day moving average (MA) of $53.28, as well as support at its 200-day MA of $50.70.

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.

In the past 52 weeks, shares of Microsoft have traded between a low of $39.72 and a high of $56.85 and are now at $52.80, which is 33% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.3%.

SmarTrend is tracking the current trend status for Microsoft and will alert subscribers who have MSFT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle Microsoft

Ticker(s): MSFT