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Market Technician and Eagle Bay Capital founder JC Parets tracks the movement and performance of the Dow 30 stocks, looking into the companies every week.
In the firm’s most recent Dow 30 report, the expert goes into Microsoft Corporation (NASDAQ: MSFT) and provides some comments on the stock.
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Weekly Chart
Microsoft had one of the strongest charts in the Dow. “As it kept making new highs, momentum still in a bullish range and relative strength confirming the highs by making new highs of its own this had been great,” Parets expresses.
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However, relative strength now broke down and the firm has said that below the uptrend line from the 2013 lows, they would favor a more neutral stance. The analysts see “no reason to be long structurally below this broken uptrend line and would still look to the daily timeframe for a more tactical approach.”
Daily Chart
Looking at the daily chart, Parets notes that “Short-term prices were able to gap higher in late April above all of that key former support and resistance going back to last summer. This leaves the action in the first quarter as a bullish island reversal.”
The expert says he would be buying dips tactically. Eagle Bay only wants to be long Microsoft if prices surpass $44.80. However, if the stock breaks below that, he sees no reason to be in it.
Parets concludes he would be taking profits above $49 “on any tactical longs for now until we can build a big enough base to really get this going above last year's highs.”
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.