Microsoft stock price prediction as ‘death candle’ hits
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After a massive global IT outage, which brought multiple industries to a standstill on July 19, troubles have continued for Microsoft (NASDAQ: MSFT) stocks, the price of which has steadily declined since and has recently even demonstrated a ‘death candle’ on its chart, signalling more difficulties. Indeed, MSFT stock has manifested a ‘death candle,’ which usually refers to a sharp and substantial downward price movement indicating a bearish sentiment in a single trading session, according to the candlestick chart shared by market analytics platform Barchart in an X post on July 30. MSFT stock price candle chart. Source: Barchart Microsoft stock price analysis Specifically, Microsoft stock plunged from $425 to $390, albeit later recovering to $394, and currently, its price stands at $397.40, recording an 8.51% decline on the day, an accumulated drop of 5.86% across the week and a loss of 10.16% on its monthly chart, as per data on July 31. Microsoft stock price 1-week chart. Source: Finbold So, why is Microsoft stock down today? Notably, MSFT shares tumbled in after-hours trading after MSFT earnings showed slightly slower-than-expected growth of the company’s artificial intelligence (AI) powered business, Azure, which could be one of the explanations as to why Microsoft stock is down. Microsoft stock price technical indicators For the moment, MSFT stock is demonstrating a decent yet not ideal technical setup, doing great in the long-term trend and still being fine in the medium-term time frame, but its very recent movements are negative, trading in the lower end of the last month’s range. Furthermore, its support currently resides between $397.58 and $404.93, whereas resistance ranges from $432.74 to $446.12. Its short-term (5, 10, and 20) simple moving averages (SMA) are all moving in the negative direction, with the 50, 100, and 200 SMA still in the green. Technical…
Filed under: News - @ July 31, 2024 10:30 am