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

By Shiri Gupta

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. Yesterday's price range of $144.73 and $145.94 is within the prior day'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.

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 Corp share prices have moved between a 52-week high of $145.99 and a 52-week low of $93.96 and closed yesterday at 55% above that low price at $145.76 per share. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.5%.

Based on a current price of $145.76, Microsoft Corp is currently 24.4% above its average consensus analyst price target of $110.23. The stock should discover initial support at its 50-day moving average (MA) of $139.49 and subsequent support at its 200-day MA of $128.39.

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

Keywords: bearish am inside day candle microsoft corp

Ticker(s): MSFT