Microsoft’s (MSFT) price is currently moving near its all-time high level. After the positive release of earnings and dividend which was more than estimated the market opened with a gap up of 8% and the price recovered more than 25% of its value.
Investors may prefer to remain cautious at current levels as the MSFT price is trading near its major resistance zone. If the buyers are successful in propelling the price from the current zone, it can make a new high which will present a profitable opportunity for long-term investors and short-term traders.
At press time, the price of Microsoft trading on an uptrend above all the major EMA levels respecting its 20 EMA on the daily time frame. The previous close of MSFT share price was at $331.85 and after attempting to make a breakout above its last high, the price of the Microsoft share is observing a surge in selling pressure.
Microsoft Price Trading Near Its All-Time High After Dividend Release
Recently, Microsoft released its quarterly dividend, the payment date for which was Thursday 18, 2023. A few weeks after releasing its earnings which caused the price to surge by 10%, the dividend yield was 0.82%. The primary exchange for Microsoft is NASDAQ.
Unexpected Surprise In Earnings
Recently, the Q3 earnings of Microsoft was released in late April which created a positive impact on the price. After the release of the earrings, the price opened with a gap of 8%. The estimated earnings per share (EPS) for the platform was $2.24 whereas the reported EPS was around $2.45. Following this, the price made a bull rally of 25% projecting the optimism of buyers.
Technical Analysis Of MSFT Price
The RSI line has been moving near the oversold levels over the past few months. Presently, the RSI line is trading at 62.63 points, whereas the 14 SMA is trending just above it at around 65.90 points.
The stochastic RSI is taking a reversal from its extreme oversold rate. The %K line is giving an optimistic interception to the %D line close to 30 points. Currently, the value of the stochastic RSI is 30.71 points.
Conclusion
Recently, the Q3 earnings of Microsoft were released in late April which created a positive impact on the price. Microsoft’s price is reaching near its all-time high level which indicates that the bullish enthusiasm of buyers may come to an end.
Technical Levels:
Support –$200.00
Resistance – $350.00
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/06/13/msft-stock-forecast-microsoft-price-near-its-all-time-high/