Microsoft Stock Gains on Monday, But Downgraded to Hold
Microsoft's stock price has been on an upward trend after gaining 4.93% on Monday, August 3rd, reaching $487.65 from its previous closing price of $464.72. This marks the third consecutive day of gains for the tech giant.
The price fluctuation was significant, with a 3.50% swing between the day's low and high prices of $475.00 and $491.62 respectively. The increased trading volume is also seen as a positive technical sign, with 5 million more shares traded than on the previous day.
The stock has risen in six out of the last ten days and is up by 21.22% over the past two weeks. However, Scotiabank's recent upgrade to 'Outperform' with a 'hold' action may not be enough to justify a buy candidate status for MSFT.
The short-term trend has been broken, indicating a possible trend shift. The current support level is at $445.35, which could pose a second chance to hit a runner. According to fan-theory, the next possible trend-top level and resistance point will be $547.04.