Several buy signals have generated for stocks in the Technology Sector. This comes as the recent market pullback ends.
One stock that we like here for a trade is Microsoft (MSFT). The tech titan has put in a stock price reversal this week right at technical price support – see both charts.
As you can see in the chart above, momentum is also turning higher, attempting to confirm this bounce.
I like it as a long trading idea with a stop (slowly raise stop out price as rally continues). My upside price target is $260-$265. Hedging versus the sector or a poorly performing stock like Check Point (CHKP) is wise for those that require hedges to minimize risk.
The author or his firm have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.