Here’s why Microsoft stock price could hit $500 by the end of the year
The post Here’s why Microsoft stock price could hit $500 by the end of the year appeared on BitcoinEthereumNews.com.
Microsoft (NASDAQ: MSFT) is on track to potentially reach the $500 mark by the end of 2024, driven by its strong financial performance and strategic investments in artificial intelligence (AI) and cloud computing. The company’s Q4 2024 earnings report, which highlighted significant revenue growth and increased net income, has reinforced investor confidence. A key driver of this momentum is the integration of OpenAI’s ChatGPT into Microsoft’s Azure platform, significantly enhancing its AI capabilities. Moreover, the acquisition of Activision Blizzard has strengthened Microsoft’s position in the gaming industry, unifying PCs and Xbox under the Microsoft Pass. These strategic moves are expected to fuel further growth and profitability. In this context, trading expert Tradingshot highlighted that technical indicators and historical price movements suggest that Microsoft could hit $500 by year-end. Key moving averages and potential breakouts According to the analysis, the stock has maintained a robust upward trajectory within a well-defined ‘Channel Up’ pattern since January 2023, consistently forming higher highs and higher lows, which signals sustained bullish momentum. The recent recovery, which saw MSFT reclaim nearly all of August’s losses, has established a new long-term bottom. This marks a higher low within the 20-month Channel Up, indicating continued upward movement. MSFT stock price analysis chart. Source: TradingShot/TradingView Currently, MSFT is consolidating just below the 100-day moving average (1D MA100), a critical technical level that has historically been a precursor to significant upward moves. A breakout above this moving average would likely signal the start of a new bullish phase. Historically, in previous bullish legs within this Channel Up, MSFT has retested the cluster of the 50-day and 100-day moving averages (1D MA50/100) after breaking out, establishing them as new long-term support. This retest is crucial for confirming the bullish momentum, and investors should closely monitor these levels. In addition to the…
Filed under: News - @ August 21, 2024 10:23 am