Is Old Tech Topping?

As you can see, MSFT Microsoft Corporation (NASDAQ:MSFT) peaked at a high of $41.66, and it is now trading just a little below that high at $40.79. The PowerShares QQQ Trust , Series 1 ( ETF ) (NASDAQ:QQQ) recently reached a multi year high of $91.45. However, as noted by the chart above, MSFT has put in lower highs and recently made a new lower low at $38.51, before rallying back intra day to close above an important support level at $38.98.

This is bearish for the equity, and perhaps a sign of distribution. If MSFT Microsoft Corporation (NASDAQ:MSFT) closes below $38.51 on a daily basis, it should quickly fall further. This equity should not be chased at these levels. A level that could be in play for a short term move up from is $37.18. Another level that you can keep on your buy list and will offer an opportunity for a longer term hold, will be the $35.04, depending on how and if MSFT gets there.

Learn how to read the charts and buy and sell as the institutions do, not when the media wants you to. Do not chase MSFT or any other equity. Never listen to the so called "Bulls or Bears" in the media. Follow the charts and be on the right side of the trade, simple as that. Join me and other pro traders at The Elite Round Table. We will give you precise entry and exit levels to place you on the right side of the trade. Profit and learn as we analyze this and many other charts finding the best levels to go long or short on many equities.

Kiliam Lopez
Elite Round Table, Pro Trader
Follow me on Twitter: @KiliamLopez
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