BY LICIA LESLIE
July 20, 2023

Each week, I’ll give an overview of a stock and Licia Leslie will follow that up with a chart analysis the next day. Bill Griffo will chime in with macro analysis and Andrew Giovinazzi will then finish out the week with a volatility breakdown.

Have a stock YOU want us to review? Email my team here. – Mark

Hey Traders,

Just when Microsoft (Ticker: MSFT) looked like it was ready to really pull back, off a double top at $351.50, it took off and traded up twenty bucks!

So as you know, old resistance is now new support.

That makes the $351.50 level a support area now which it traded back down to yesterday.

Here is the close up:

Where does it go from here you ask?

According to my trusty pitchfork, which MSFT has followed along pretty well since the last time it traded $350 on November 22, 2021, it looks like it wants to trade up to $374:

Now if it decides to trade below that $351 support level, I’m seeing the next level of support coming in at $341. 

A lot will be happening in MSFT with the rebalance on Friday and earnings being reported on Tuesday – it could quite possibly trade $341 and $374!

It will certainly be fun to watch.

Thanks for Reading … See You Next Tuesday,

Licia Leslie