MICROSOFT UP AFTER MAJOR ANNOUNCEMENT ON NEW PRODUCT LINEUP
Microsoft is currently trading at 115.51-higher by 0.32% as compared to the previous closing. In the Pre-market trading session on Wednesday, the stock was trading higher by about 0.41%. The stock has pared some of its earlier gains after the opening bell.
The tech company announced several new products during a press conference in New York on Tuesday. The new products include a new Surface Pro 6 tablet, the Surface Laptop 2, the Surface Studio 2 and Surface Headphones.
In other news, EU antitrust regulators will decide by Oct. 19 whether to clear Microsoft’s $7.5 billion acquisition of privately held coding website GitHub. The software giant requested European Union approval for the deal on 14th Sept. GitHub is the world’s largest code host with more than 28M developers using its platform. It is Microsoft’s largest takeover since the company bought LinkedIn for $26 billion in 2016. The acquisition deal if cleared will boost the company’s cloud computing business.
On the technical front, the RSI is currently at 65.25% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger bands and is heading upwards.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT BUY AT 115.40 TAKE PROFIT AT 116.00 STOP LOSS AT 115.10