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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Microsoft (NASDAQ:MSFT) based on the price action in the company's shares. Today's price range of $51.89 and $52.27 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. Traders and investors interested in shares of Microsoft may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Microsoft share prices have been bracketed by a low of $39.72 and a high of $56.85 and are now at $52.10, 31% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has remained constant.

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.

There is potential upside of 7.2% for shares of Microsoft based on a current price of $52.10 and an average consensus analyst price target of $55.84. The stock should hit resistance at its 50-day moving average (MA) of $53.28, as well as support at its 200-day MA of $50.70.

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: bullish inside day candle Microsoft

Ticker(s): MSFT