Strategy Stock Hits Resistance as Repurchase of Preferred Shares Raises Questions

Strategy stock is facing a critical juncture as it pulls back from its intraday high of $139.31 to close at $136.52 on September 8. The daily momentum remains in favor of buyers, but hourly charts reveal signs of fatigue near pivot support.

The company's repurchase of $176 million worth of preferred shares marks a strategic shift away from its usual approach of accumulating Bitcoin. This move was confirmed by the firm's regulatory filing, which also stated that no Bitcoin was bought or sold over the past week.

The hourly MACD crossover is a bearish signal, with the line dropping below its signal at 2.46, while the daily RSI and positive MACD histogram continue to support the bullish outlook. The key support level sits at $134.83 on the daily chart, and a breakdown below this level would invalidate the near-term bullish tilt.

The 200-day EMA remains well above the current price, indicating that the longer-term trend has not yet flipped bullish. A clean move through the daily resistance at $138.76 would confirm the uptrend's reassertion, but a decisive break below hourly support at $135.97 would raise immediate concerns.