A 52 Week High for Microsoft, will it Hold?

Published on Friday, 03 February 2012 12:34 Written by Christopher Lynn

New York, February 3rd (TradersHuddle.com) - Shares of Microsoft Corporation (NASDAQ:MSFT) booked a new 52 week high today by trading above $30.17, traders are definitely monitoring Microsoft's price action to see if this move attracts further buying into the stock.

Microsoft Corporation (NASDAQ:MSFT) develops, manufactures, licenses, and sells software products. The Company offers operating system software, server application software, business and consumer applications software, and Internet and intranet software. Microsoft, with its Windows franchise, has the dominating operating software in the PC market, which allows the company to sell other software solutions. The software giant has made inroads on mobile devices and internet based applications, and develops video game consoles and digital music entertainment devices. Microsoft was founded by Bill Gates in 1975 and is headquartered in Redmond, Washington.

Microsoft is currently trading 1.15% versus its previous trading session close, and it has calculated support and resistance at $24.30 and $29.95 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading higher by 1.31% from its previous trading close, which means that Microsoft stock is underperforming the overall market.