Mr. Softee is breaking out hard! $MSFT – June 12, 2024
This is Scott at StockMarketMentor.com with your Chart of the Day. This is a really quick one here from Mr. Softy, Microsoft ( NASDAQ: MSFT ). Microsoft ( NASDAQ: MSFT ) is breaking out today, and doing it on higher than average volume.
You may have heard that Apple ( NASDAQ: AAPL ) broke out yesterday, bigly. But I told StockMarketMentor.com members that I felt the stock was a bit extended and it was a high-risk buy. It did continue higher, but it’s still well above all these key moving averages, and away from a potential breakout pivot.
So this feels more like a bit of a short squeeze rather than a clean breakout like we’re getting here with Microsoft (. NASDAQ: MSFT ). I definitely think Microsoft ( NASDAQ: MSFT ) is potentially actionable here, with a stop right under today’s intraday low. And that works out nicely because that is the actual breakout pivot.
You know if the stock comes back here into this area, it’s not ready to break out just yet. We’ve got a super clean setup here from Microsoft ( NASDAQ: MSFT ), and earnings are not until the end of July. So there is a lot of potential runway here for Mr. Softy on this nice breakout.
Free Chart