To The Moon

In a previous post, I discussed a bullish outlook for $Microsoft(MSFT)$, where the focus was on selling a 350 put and anticipating a potential upward move. As the market landscape evolves, it's essential to provide an update on the technical analysis of Microsoft's stock and reassess the bullish sentiment. The earlier strategy of selling a 350 put has yielded positive results, with the position currently up 65%. However, the market dynamics have experienced some shifts, prompting a closer examination of the current situation. 350 put sold after I wrote my previous post Microsoft's price is now near the bottom of the consolidation, and the critical support level to watch is around 364. Holding above this level would be ideal for maintaining the bullish momentum. A breach below 364 could signal a change in sentiment and potential challenges for the bullish thesis. MSFT Daily Chart Given the proximity to the support level, it's crucial to remain adaptive to changing market conditions. If the price can hold above the bottom of the consolidation and make a move towards the top, there's still a likelihood of a breakout above the consolidation pattern. Should Microsoft exhibit strength by holding above the support level and ascending towards the top of the consolidation, the potential for a breakout remains on the table. A decisive move above the consolidation pattern could signal a continuation of the uptrend and present further trading opportunities. The importance of risk management cannot be overstated. If the price fails to hold above the support level and shows signs of weakness, I will consider closing the position to mitigate potential losses. Establishing clear exit points and adhering to risk management principles is important. In conclusion, as Microsoft continues its consolidation phase, the key is to monitor the price's interaction with the support level around 364. Flexibility in adapting to changing market conditions, coupled with diligent risk management, is crucial. Whether the stock holds above support or faces a reversal will determine the next steps for traders navigating the Microsoft chart. Stay vigilant and informed to make well-informed decisions in this evolving market scenario. How do you interpret Microsoft's current position within the consolidation pattern? Share your insights! Disclaimer: The information provided is for educational and informational purposes only and does not constitute financial advice. Always conduct your research before making investment decisions. Follow @TigerStars @MillionaireTiger @Daily_Discussion @CaptainTiger @Tiger_SG @Tiger_comments @TigerClub @Trend_Radar @TigerEvents $Nasdaq100 Bull 3X ETF(TQQQ)$ $Semiconductor Bull 3X Shares(SOXL)$