Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Global Head of Trader Strategy
Technical Analyst, Saxo Bank
Microsoft is set to open 2% lower around 415.50 (dashed blue line) after having been traded 7% lower after earnings release after hours yesterday.
Microsoft is in a bearish trend supported by the strength indicator RSI showing negative sentiment.
If Microsoft is closing below 412.50, there could be downside potential to around 390-384 area with support around 404.50
For Microsoft to demolish the current bearish trend a daily close above 433 is required. To establish a bullish trend a daily close above 448.40 is required.
Medium-term, weekly chart, Microsoft is testing the rising trendline. If closing below it could be a strong indication of the medium-term bullish trend has come to an end.