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Will Microsoft ( NASDAQ: MSFT ) continue the bullish momentum?

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Microsoft stock is showing massive bullishness in the past weeks, escaping the primary hurdle of $300. The recent earnings report of Q3 2023 showed a net income increase of 9% to $18.3 billion and revenue growth of 7% to $52.86 billion. Overall, the earnings were above the estimates, and buyers took advantage of that. Post numbers floated in the market, and bullishness in stock was seen, as the price gained by more than 15% in the last seven trading sessions. 

However, the recent price action shows that MSFT maintains gains above the substantial hurdle of $300, showing the strength of bulls.

Moreover, the trading volume also increased by 2% to 28 million. The stock is near the previous supply mark’s immediate hurdle of $310. If buyers succeed in escaping above that, then a short covering move expands the trajectory move towards ( R1 on the chart ). Conversely, if the price rejects from the supply zone, then immediate support of $300 will be retested.

At the press time, MFST stock was at $310 during the close of Friday trading session with a surge of 1.70%. Moreover, the trading volume saw a significant upside in the recent trading sessions.

MSFT stock Daily Chart shows Rising Parallel Channel

Microsoft stock
Source: TradingView

On the daily chart, MFST stock gradually increased within the rising parallel channel and gained more than 15% this week. The buyers are accumulating after the quarterly earnings reported in the market. The investors continue to make long positions as the stock shows decisive moves. 

Moreover, the sellers were getting trapped when stock surpassed $300. The psychological level of $300 was the supply zone where bears maintained a grip for the past months but are trapped now. Although, bears are trying to retrace the price and push below $300 to regain momentum. The market outlook delivers positive and price action shows bullish cues. 

Microsoft price is breaking the upper Bollinger band and is willing to crack the upper resistance bars near $350 in the upcoming months. In the last months, MFST stock was under the hands of bears, and the price formed lower highs and lows, but as soon as the price broke the upper trendline in the last month above the price of $250. Buyers attained grip and continued to show strength.

Short term Charts Shows Massive Bullishness

Microsoft stock
Source: TradingView

On the 4-hour chart, MFST stock is breaking the higher high of the rising channel and looking to crash the resistance bars. Moreover, the traditional indicators RSI and MACD indicated bullish cues but needed a retracement in price. 

The RSI is near 70, which shows that a pending profit booking phase can be seen. Similarly, the MACD indicator also delivers the crossover but only exists for a while and can soon be seen as profit booking.

Conclusion:

Microsoft stock price is rising gradually, and buyers are looking for strength in the last trading session. Various analysts predict a strong buy rating as per the recent earnings report.

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