One of my main price objectives for Microsoft (NASDAQ:MSFT) has been hit.
Because of this, it may be wise to keep stops tight on long positions… or to even look for short opportunities on a major reversal.
The price target that was recently hit (see chart below) equates to a 1.27 Fibonacci extension as well as an AB-CD on the monthly chart.
Note as well that the big AB-CD move from the all time low comes in around $75. That’s just overhead, but still a possibility. For those inclined to short, I’d wait for a monthly Signal Reversal Candle (or a monthly close below $68).
Microsoft Stock Chart (MSFT) – Monthly Candles
Thanks for reading and good luck out there.
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Author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
