#STUDY: Microsoft 3 year daily chart Fibonacci retracements | #MSFT
@David
Updated December 9, 2013 ● 511 views
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MSFT Fibonacci Chart
I'm a short term trader. I usually trade options on weekly basis. But I still look at long term charts to get an idea where a stock is heading.
Last week, I made quick 110% profit trading MSFT bounce from hourly 200ma. Looking at the daily chart in 3 year period, MSFT is sitting right on the 161.8% Fibonacci price extension level. Now, the last time MSFT traded at this level was more than a decade ago.
This means MSFT is in a tricky situation for long term traders. MSFT could pull back drastically here. If you are a long term trader, I would wait until the price breaks above the 161.8% price extension level. That price would be above $39.
As in my case, I'm still holding on my weekly call options purchased last week. I am playing profits for possible breakout above $39 with a target of $40. If it starts to pullback below $38.5, I would sell all my remaining position.
Dizkover
#STUDY: Microsoft 3 year daily chart Fibonacci retracements | #MSFT
Updated December 9, 2013 ● 511 views
Fresh Stocks News, Tips, and Ideas!
The Stocks Channel goal is to help fellow stock traders on making a profit! This channel features stocks news, stocks trading ideas, and stocks tips from fellow Dizkover members. We are mostly traders by profession.
Dizkover Members Get The Tips First!
A lot of our members are also active at Stocktwits and Yahoo finance boards. But often, Dizkover members get the tips fist. So checkout out the Stocks Channel often for fresh stock trading tips!
Join Stocks Channel!
Stocks Channel is open for everyone. Whether you are a findamental or technical trader, you are welcome to share your own trading ideas and tips.
Common Hashtags:
Terms Of Use:
Trade at your own risk! We are not responsible in the event of trading loss. Always use your own research and analysis before you trade. Any tips and recommendations you find at thie website can be wrong.
I'm a short term trader. I usually trade options on weekly basis. But I still look at long term charts to get an idea where a stock is heading.
Last week, I made quick 110% profit trading MSFT bounce from hourly 200ma. Looking at the daily chart in 3 year period, MSFT is sitting right on the 161.8% Fibonacci price extension level. Now, the last time MSFT traded at this level was more than a decade ago.
This means MSFT is in a tricky situation for long term traders. MSFT could pull back drastically here. If you are a long term trader, I would wait until the price breaks above the 161.8% price extension level. That price would be above $39.
As in my case, I'm still holding on my weekly call options purchased last week. I am playing profits for possible breakout above $39 with a target of $40. If it starts to pullback below $38.5, I would sell all my remaining position.
Last week trade: Microsoft could bounce off the hourly 200ma to target $40