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Microsoft’s share price suffered early in Thursday’s trading session as tech stocks were subjected to an intense round of selling. However, some positive news from Microsoft was able to restore investor confidence, leading to late demand that allowed the stock to claw back most of its earlier losses.
Microsoft announced it would collaborate with auto-parts maker Bosch to develop a software platform that would give vehicles cloud connectivity.
Bosch is expected to incorporate aspects of its software modules into Microsoft’s Azure software, allowing for the development and deployment of software into vehicle components and electronic control units. Prototypes are expected to hit the market in late 2021.
Despite the news, the Microsoft share price ended the day 0.17% lower.
Microsoft share price is in the middle of the rounding top pattern. Price is about to test the pattern’s arc. A pullback from the arc retests the neckline of the pattern at 240.81. A breakdown at this point allows the Microsoft share price to push towards the 28 January low of 235.09, with 231.89 and 229.66 serving as additional downside targets. Attainment of the latter completes the projected measured move from the pattern’s evolution.
On the flip side, a break above the rounding top’s arc allows the Microsoft share price to challenge the 246.13 high, with the potential to set new highs at 249.56, 254.41 or 257.29, as the case may be.
