$MSFT Downtrend Continues as XLK and MGK Drive Broad Tech Selloff
$Microsoft(MSFT)$ — Bearish Flag Breakdown Extends Into Third Week After Divergence
After leading the initial breakdown, $Technology Select Sector SPDR Fund(XLK)$ & $Vanguard Mega Cap Growth ETF(MGK)$ intensified downside pressure as heavyweight $Meta Platforms, Inc.(META)$ $NVIDIA(NVDA)$ $Alphabet(GOOGL)$ $Tesla Motors(TSLA)$ $Amazon.com(AMZN)$ rolled into 6–9 month low breakdowns in their respective chart patterns that was highlighted on 22nd march post market
$MSFT is now sitting at a major 2-year support around the $350 region after erasing off $300B in market cap in 2 weeks, aligning with key support level on megacap growth proxy $MGK. In the near term, the odds don’t favor chasing late shorts here, better to wait for a bear rally bounce into the declining 10-MA before initiating/adding to current shorts/inverse long.
Market Cap $2.6T | ADR: 2% | Avg $ Volume: $14B
For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs.
🎉Cash Boost Account Now Supports 35,000+ Stocks & ETFs – Greater Flexibility Now
Find out more here.
Complete your first Cash Boost Account trade with a trade amount of ≥ SGD1000* to get SGD 688 stock vouchers*! The trade can be executed using any payment type available under the Cash Boost Account: Cash, CPF, SRS, or CDP.
Other helpful links:
-
💰Join the TB Contra Telegram Group to Get $10 Trading Vouchers Now🎉
-
How to open a CBA. How to link your CDP account. Other FAQs on CBA. Cash Boost Account Website.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
