Naked Chart Trading: Microsoft 30 Apr 2024

Chart wise to me is not that encouraging as there is a potential technical correction signal in forming. Make no mistake, Microsoft's major trend to me is stil la bull trend, so I don't think the share prices will go back to year 2022 level for now. So the bottom of Fibo retracement level I picked will be the Sep 2023 low to Mar 2024 high.

From the chart, red candles started to emerge after the Mar 2024 high. Then the number of red daily candles are more than the green now, to me it means that there is more selling pressure into the market now, with lower highs & lows. Close below USD395 to trigger more downside. Currently the share prices testing 23.6% which is USD400 level, followed by 38.2% USD384, 50% USD370 and 61.8% USD354

Resistance level will be located at around USD413 level, followed by around USD421 and previous high around USD431 level.

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