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After a 1.52% gain on Tuesday, Microsoft’s stock forecasts remain optimistic, following a breakout from the neckline of the double bottom pattern. This movement extends the expected advance, reflecting the rise from the July 2021 lows of $274.75. Despite starting the day lower, buyers took charge, reversing earlier losses and ending 1.52% up. However, this upward trend might face some resistance soon.
The initial market decline was triggered by the Department of Justice’s stance on new legislation targeting the market power of big tech companies, including Microsoft. This news unsettled investors momentarily. Still, the bulls managed to push the stock higher, ignoring the DOJ developments.
Even a report from whistleblower Yasser Elabd alleging corruption within Microsoft’s Licensing Solution Partner network didn’t deter the stock’s upward momentum, allowing it to rise for the second consecutive day.
The price is now close to the $317.46 resistance level, which corresponds to the lows from December 20, 2021, and January 12, 2022. If the stock breaks above this level, it could continue its rise toward the $329.66 resistance, marking the lows from November 10, 2021, and January 3, 2022.
Further resistance is at $344.36, based on highs from November 19 and December 29, 2021. If the stock fails to break through $317.46, it might pull back to the neckline of the double bottom at $305.54. Below this, additional support levels are at $297.77, with further pivots at $290.28 and $281.13.