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- 1 MSFT stock price is up 3.62% in the pre-open session and is likely to open Gap up.
- 2 Microsoft stock price succeeded in defending the 50-day EMA support.
- 3 Microsoft Corporation beats EPS as well as revenue estimates.
Microsoft Corporation, MSFT stock price is up by 3.62% (approx.) in the pre-open session. It indicates that investors react positively to the quarterly earnings and the stock is likely to open a gap in the regular session.
Microsoft stock price sustains above the 50-day EMA showcase uptrend. The stock price consolidated for some time in the narrow range and formed a short-term base.
In the recent up move, the price might open near $342.00 and buyers may give another attempt for a breakout.
In mid-September, MSFT stock price faced rejection from $342.00 so it turned out to be a hurdle for bulls. At present, if buyers succeed in breaking the $342.00 hurdle then prices may rally to $350.00.
Microsoft Corporation released its quarterly earnings on October 24, 2023, after the market close. It reported an EPS of 2.99 and revenue of $56.517 Billion.
The company succeeded in beating the EPS estimate by 12.66% and the revenue estimate by 3.66%. Due to this, the stock price might gain momentum which will increase the possibility of reaching $350.00.
Microsoft’s stock price closed the previous session at 330.53 with an intraday rise of 0.37%.
Will MSFT Stock Price Hold the Higher Levels?
MSFT stock price is inside the bulls’ grip and buyers look more active as compared to sellers. The stock price recovered 7% (approx.) from the recent swing low and quarterly earnings fueled the further rally.
Till Microsoft stock price sustains above $320.00 the buyers will remain active. At present, the stock price is near to resistance level. So it will be interesting to see whether the buyers are able to give the follow-up momentum or not.
The analysis suggests that MSFT stock will break out of the $342 hurdle. But, the reliability of the breakout remains doubtful until broader market indices recover.
Will Microsoft Stock Price Come Down Fill the Gap?
Microsoft stock price might show a gap up open. So prices may come down to fill the gap before heading higher. However, if the MSFT stock price faces rejection from $342 then it may spend time in a wide range between $309 to $342.
The MACD curve slopes sideways and sustains above the zero line. The histogram bar is green which also favors the bulls and indicates positive momentum might continue.
The RSI curve at 54 denotes the strength of the bulls and more upside after breakout is possible.
Conclusion
Microsoft Corporation, MSFT stock price is likely to open a gap up near $342.00. If buyers succeed in holding the $342.00 level then more upside will open. However, Microsoft Corp.’s stock price may continue to consolidate in the existing range.
Technical levels
- Resistance levels: $342.00 and $366.71
- Support levels: $320.00 and $309.10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
