MSFT gapped down into intermediate support @ 220 today (after another round of "bad" CPI report that spooked the markets) but immediately reversed to form a bullish engulfing candle on the daily chart (and a potential pin bar on weekly chart).
Bullish divergence can be seen on both the weekly and daily charts which gave more conviction to this current support @ 220 (medium term resistence turned support)
Granted that a bounce from an bullish divergence can be just a short term counter trend (in a bear market), this support at 220 is still significant unless it is breached to the downside.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
Bullish divergence can be seen on both the weekly and daily charts which gave more conviction to this current support @ 220 (medium term resistence turned support)
Granted that a bounce from an bullish divergence can be just a short term counter trend (in a bear market), this support at 220 is still significant unless it is breached to the downside.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
ノート
Support is holding well so far leading into earnings. Good sign.. but for the conservative, wait for earnings to be out and if good, then start buying the dips!
ノート
The recent sell down after earnings disappoint (slightly) was an opportunity to buy the dip. Despite the sell-off, a bullish divergence was apparent between price and RSI and the stock rebounded strongly last Friday with a bullish engulfing candle.
The support level @ 220 remains intact
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