MSFT $560+ - Energy Point + Fib Confluence

21 Jan

MSFT

Microsoft is breaking out after putting in a base from November to early January.

Plotting a Modified Schiff fork, we see the base and breakout took place right after both passing and retesting the median line.

Adding Fibonacci extensions and a secondary fork, an energy point appears at the intersection of the ML-H, ML, and 1.0 Fibonacci extension.

It has already surpassed the previous all-time highs, put in a base, and broken through this base.

However, this idea is not perfect.

Ideally, the break-out would have taken place with heavier volume.

I'll be keeping an eye on volume going forward.

Another positive weekly candle with above average volume will really boost my confidence.

If everything goes as planned, we should see MSFT reach ~$560 by August 2024.

With a stop below the November-Jan base, we have 1:4 Risk/Reward ratio trade. (Screenshot below)

Long MSFT


Fat_Fat

21 Jan

Catatan

1:4 Risk/Reward

21 Jan

Catatan

For added confirmation, keep an eye out for additional volume.

21 Jan

Catatan

Replacing the Mod-Schiff with an Andrews Fork, we see a similar target Energy Point.
This time, it's ML/ML.

3 Feb

Catatan

Volume picking up.