MSFT is bullish on the daily. the EMA20 serves as strong support/resistance (blue circles). MSFT broke through the 61% retrace of the recent downtrend (Wave A). Look for entry on short correction on Wave B at $162, before the stock trends up toward resistance (Wave C) at $191.
Note
MSFT hit closed slightly above the EMA20 at $167.82. However, the bearish volume and MACD may indicate more correction ahead. The next strong level of support is the $140 area, but I don't anticipate that much correction. I also expect a positive earnings report next week (29 April) given MSFT's 900% increase in demand for its software services due to teleworking and COVID-19. If price continues to fall, I would use it as an opportunity to open several LONG CALLs with a 15 May expiration.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.