MSTR Stock Surges After Breaking Multi-Month Trendline

MicroStrategy (MSTR) stock has broken out of its multi-month descending trendline after a strong bullish engulfing candle on high volume, with a price of $136.08 as of June 3.

This follows an 9.63% trading session that decisively smashed through the resistance zone of $118-$133 and confirmed higher highs and lower lows with moving averages below price.

The company's Executive Chairman Michael Saylor has reiterated that MicroStrategy will never sell its Bitcoin holdings, labeling such a move as 'strategic malpractice' given the current backdrop of 3.8% headline and 4.1% core CPI.

With over 500,000 BTC in its treasury, MicroStrategy is one of the biggest corporate Bitcoin hoarders, with a leveraged proxy for the crypto that will always fluctuate more than Bitcoin.