I was long calls of 
MSFT into this morning and took profits in the first couple hours of trading.
I initially thought we would see a move higher to the upper resistance at $455 or potentially as high as $465, but price couldn't break that $453 level.
After relooking at the chart, it looks like we're forming an ending diagonal. If we break down from here, I could see a large corrective move back down to that $397 or $370 support level (or potentially to the lower support levels). The risk of downside was not worth the potential $2 gain from here.
There's still a chance that we break higher and tag that upper resistance, but there are signs of weakness showing on the chart to me.
We should see what direction we move by the end of the week. Decision time.
MSFT into this morning and took profits in the first couple hours of trading. I initially thought we would see a move higher to the upper resistance at $455 or potentially as high as $465, but price couldn't break that $453 level.
After relooking at the chart, it looks like we're forming an ending diagonal. If we break down from here, I could see a large corrective move back down to that $397 or $370 support level (or potentially to the lower support levels). The risk of downside was not worth the potential $2 gain from here.
There's still a chance that we break higher and tag that upper resistance, but there are signs of weakness showing on the chart to me.
We should see what direction we move by the end of the week. Decision time.
註釋
Bought 100 MSFT 10/18/2024 250.00 P註釋
Will likely start taking profits at $370. Potentially tomorrow. Will update soon.
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