$MSFT Falling Wedge? Bullish Breakout Ahead?

11. Okt. 2023

It looks to me that MSFT is in a Falling Wedge Pattern. Often these resolve to the upside. It looks to me that MSFT is testing the top of that wedge now. This may be one you want to watch. I have an alert set for a move over $332.60. If it triggers, I will look at a lower timeframe for an entry. This may have a run-up before earnings which are in about 13 days (I have not verified the date.)

Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.

According to Investopedia:
Some studies suggest that a wedge pattern will breakout towards a reversal (a bullish breakout for falling wedges and a bearish breakout for rising wedges) more often than two-thirds of the time, with a falling wedge being a more reliable indicator than a rising wedge.

11. Okt. 2023

Anmerkung

I did not mention that the most recent low undercut the previous low then rallied setting up a double bottom trade. I missed that one but worth mentioning as technically it is still in play.

11. Okt. 2023

Trade ist aktiv

I am taking a 1/4 sized position into the close as it triggers an entry. Small size for a late day entry.

11. Okt. 2023

Anmerkung

13. Okt. 2023

Trade wurde manuell geschlossen

I have closed this small position with a small loss of $1.25 per share. That is only 4/10% loss (.004%). I would usually hold but the market as a whole is not holding up. This is back on the action watchlist.

17. Okt. 2023

Trade ist aktiv

Taking this long again using an area of resistance as drawn on chart. Stop will be just below today's low. Let's see what happens.