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

By Shiri Gupta

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 $65.16 and $65.50 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.

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.

Microsoft (NASDAQ:MSFT) has potential upside of 4.9% based on a current price of $65.49 and analysts' consensus price target of $68.68. Microsoft shares have support at the 50-day moving average (MA) of $53.28 and additional support at the 200-day MA of $50.70.

In the past 52 weeks, Microsoft share prices have been bracketed by a low of $39.72 and a high of $66.35 and are now at $65.49, 65% above that low price. The 200-day and 50-day moving averages have moved 0.13% higher and 0.25% lower over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Microsoft on July 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $53.09. Since that recommendation, shares of Microsoft have risen 22.5%. We continue to monitor MSFT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Microsoft

Ticker(s): MSFT