In our April 2 review of Microsoft (MSFT) we included a weekly Point and Figure chart of MSFT with a $283 price target. "In this weekly Point and Figure chart of MSFT, below, we can see a potential upside price target of $283. MSFT finally reached that price target today so the question is now what?
Let's dig down into the charts and indicators.
In the daily Japanese candlestick chart of MSFT, below, we can see that the shares are in an uptrend above the rising 50-day moving average line as well as the rising 200-day moving average line. The trading volume has been slowly declining since late January. The On-Balance-Volume (OBV) line made highs in February and April but has not made a new high recently -- this is a bearish divergence.
The 12-day price momentum study shows a high in April and a lower high in July for another bearish divergence.