Why Traders Need To Be Mindful Of Their Surroundings

As we stated in a previous article, we believe there is still some bullishness left to be had in the Technology sector, as more investors flee from market they deem to be too risky currently. This has forced them back into the Tech sector. One stock sits above the rest on our radar, so let’s take a look at what the charts are telling us.

Our stock today is Microsoft (MSFT). The stock looks to be moving higher in the near-term, however, a multi-month trend line of resistance is getting close. This may come to ran on the parade of any bulls looking to pile in the stock, but looking at the chart below, you can see that the stock has respected this trendline a couple times previously.

If you’re looking to take MSFT long, just be mindful of where your resistance level is and be sure to not jump the gun on your trade, but wait for an A+ setup instead. If this trendline does act as resistance again and the price rejects off of it, you may look at this as a better risk vs. reward entry for a move higher. Remember, patience is the name of the game.

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