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Asset Watch
Thursday May 23, 2024
Adhering to the old saying, ‘If it ain’t broke, don’t fix it,’ sometimes simplicity is the most effective trading strategy. For example, Microsoft’s 20-week moving average has been a solid momentum indicator for the last several years. The price action highlights how when Microsoft trades above the blue line, a long position is justified, and when breakdowns occur, patience is prudent.
As a result, the bulls continue to defend the key level with the stock closing above the 20-week MA for four straight weeks (despite some intraweek breakdowns). And if it continues, the constructive technicals should support higher prices, as they have since 2018.
So, will Microsoft’s Build conference create the next fundamental catalyst that supports bullish technicals, or will product disappointments flip both upside down?
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