Microsoft Leading Way?
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06-05-2001
10:46:55
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Microsoft (MSFT)
is breaking out of a running cup and handle atop the 20-day moving average to a
new nine-month high. MSFT is now up 1.84 to 76.72 and is holding a 3-month
relative strength rating of 69 from TradingMarkets.com.
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Microsoft’s running cup and handle at its high is giving off bullish signals
for a further move to the upside. The stock is trading at levels it has not seen
since September of 2000, for starters. Throw in Tuesday’s breakout from the
pattern, and the fact that it is continuing to trade in the top of its range
today, and the stage is set for Mr. Softie to run.
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I like the fact that Microsoft is showing strength, not only for
any possible moves in the stock itself, but also because it is a market proxy.
If the Nasdaq does indeed move back toward the May high, MSFT will be leading
the way and pulling other issues upward along with it.
Until tomorrow,
Duke
P.S. GO AVS!!!!!!!