MSFT climbs to highest close ever
Microsoft Corporation (MSFT) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, MSFT finished the month 11.06% higher at 203.51 after gaining $5.07 (2.55%) today, outperforming the Nasdaq 100 (1.96%). Today's close at 203.51 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 198.53, the market confirmed its breakout through the prior session high after trading up to $5.87 above it intraday.
Daily Candlestick Chart (MSFT as at Jun 30, 2020):
Tuesday's trading range has been $6.66 (3.37%), that's above the last trading month's daily average range of $5.02. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for MSFT.
One bullish candlestick pattern matches today's price action, the White Candle.
Unable to break through the key technical resistance level at 203.95 (R1), the stock closed below it after spiking up to 204.40 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. When prices bounced off a significant resistance level the last time on May 21st, MSFT actually gained 0.04% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Microsoft. Out of 396 times, MSFT closed higher 49.75% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 62.88% with an average market move of 0.88%.