Calling the $MSFT top here. See you sub $200

The popular narrative is that MSFT is going to benefit from AI and if there's a downturn, the stock will hold up.

I have a different view. I think we've topped here and will only see lower prices going forward.

Over the next year, I anticipate MSFT 's price dropping sub $200 to the support levels on the chart.

Only thing that would change my bias is a push above the resistance line and flipping it as support.

Let's see how it plays out.

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Bought $362.50 puts for 11/17 expiration just to play the short term downside.

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Rebought $362.50 puts w/ entry at $371, expiration 12/01

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One last push either tomorrow or Monday to $385. Will add there to the short term position I bought and add a 4/19/24 close to ITM put

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Oh no... Sam Altman fired from OpenAI. The only bullish hope gone.

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Added:
MSFT 04/19/2024 365.00 P

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Could see that last push to $385 happening today. That will be the area that should sell off quickly should it get hit.

Everyone take note of StockMed's comments... going to be fun watching the reversal.

That's why you don't comment daily price action on a weekly chart. The real money comes from being right over the next 6 months.

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lol exactly. Might see one more retest as we only got 2 and I'd expect 3 before it really falls. Let's see what happens the rest of the day.

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Also a possibility that we keep falling the rest of the day and come back and hit it tomorrow.

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Welp... MSFT just wants to keep falling after tagging $385. Let's see where it goes next.

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Trend officially down. Got our first red Heikin Ashi weekly candle with the reversal.

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Must be a rough day when everything is going up except for $MSFT... Maybe because we already topped :(