Microsoft Stock Is Verging on a Breakout
Microsoft stock is rallying after news of a big Pentagon contract. Can this stock break out to new highs? Let s look at the chart.
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Microsoft (
MSFT) - Get Report on Thursday is helping lead the market higher, up more than 2% on the day.
Given its size a $1.8 trillion market cap that’s giving a boost to the Nasdaq, although tech in general is doing well.
Specifically, the contract could be worth nearly $22 billion over the next decade and calls for the Redmond, Wash., tech giant to build AR headsets.
Bulls are hoping that the news with the Pentagon will be enough to trigger a breakout in Microsoft. Let’s look at the charts.
The Nasdaq s Trend Has Shifted Only one major index now remains in a downtrend.
There was one technical event of note for the major equity indices Wednesday.
The Nasdaq Composite closed above its near-term resistance and short-term downtrend line and that shifted its trend to neutral from bearish.
Overall, we find the short-term index trends staying a mix of bullish and neutral implications with only one remaining in a downtrend. Cumulative market breadth has yet to turn positive while the bulk of the data, with the exception of the weekly sentiment numbers, remains neutral.
Let s dig a little deeper on the charts and data.
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