$Microsoft(MSFT.US)$ Since later August MSFT has used the $305 trend line as resistance but it has not been able to breakthrough
- Right angled descending broadening wedge is looked at a bullish a bullish pattern
+ close at $306 is breakout
- Increased buying volume in the formation of the pattern
+ increased selling volume September 17/20
- Strong bounce off $289 support level
+ former analysis support level
+ bounce off 50 EMA
There is a lot of indecision in the market, especially with the strong uptrend the market has been going through. Right angled descending wedge patterns usually is formed after an uptrend (concerns of reversal grows). The feds are holding off on tapering for the moment, so the bullish momentum is starting to trend up.
+ if there is a bullish breakout $314.86 acts as a potential price target
+ with voting on infrastructure bill September 27, it'll be best to wait til MSFT hit a support point Tuesday