Microsoft Finds Resistance At $44 Once Again

em>Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Microsoft MSFT shares are trading higher by $0.86 at $43.90 in Tuesday's session. The catalyst for the rally may be comments coming from Piper Jaffray analyst Katherine R. Engbert who maintained her Overweight rating with a price target. In addition, she remarked that although a deal to purchase Advanced Micro Devices AMD may be unlikely, it could completed at a 20 premium in all cash and may have only a muted affected on earnings in 2016. After a higher, the issue found support just above Monday's close ($43.04), only reaching $42.08 before staging nearly a $1 rally, So far, it is finding some intraday resistance at $43.98. Despite the rebound high from the Flash Crash being $44.40, the issue has found sellers at whole number of $44,00 on several other occasions since August 27.