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CHART ANALYSIS


Microsoft Ready To Move Higher

07/21/03 12:16:00 PM
by Andrew Hetherington

Although this equity doesn't jump like it once did, a move towards the $35.00 - $40.00 areas is likely in the short to medium term.

Security:   MSFT
Position:   N/A


Figure 1: Daily chart of Microsoft (MSFT).

On the daily chart we have a large 11-month symmetrical triangle. The volume on this triangle is slowly diminished and is close to perfect. Microsoft bottomed at $20.70 back in July of 2002. This behemoth leads the way on the Dow similar to the way the financials lead. The breakout is strong on increasing volume and it hesitated, as is usually the case before resuming its up trend.

Figure 2: Weekly chart of Microsoft.
Graphic provided by: SuperCharts.
 
The early warning buy signal was in the $24.00 area during May and early June. The volume during this time was increasing significantly and the equity was poised for the $25.50 breakout.



Andrew Hetherington

Classic Dow Theorist who trades as a pure technician, using pattern recognition.

Toronto, Canada

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Comments

Date: 07/21/03Rank: 4Comment: 
Date: 07/22/03Rank: 3Comment: Timeline of target would have been nice.
Date: 07/24/03Rank: 4Comment: 
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