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This Stock Still Has One Of The Best Charts In The Market

This Stock Still Has One Of The Best Charts In The Market

Almost everyday since late July we continue to see and experience a choppy and volatile market. Many sectors and industry groups are in bear markets already such as energy (XLE, OIH) and retail (XRT). Other industry groups are in raging bull markets such as the utility sector (XLU), commercial real estate (IYR) and consumer staples (XLP). This is certainly a difficult market to navigate, so traders and investors must be selective.

Many technology stocks are also mixed right now. Therefore, traders will need to turn to the charts to see what stocks look the best. One stock that continues to look good on the charts is Microsoft Corp (NASDAQ:MSFT). This stock is slightly off of its all time high made at $141.67 on July 26, 2019. Currently, MSFT stock trades around the $136.50 level. A fair case can be made that the stock is now trading sideways on the charts and is simply consolidating to move higher down the road. In environments like this it is important to isolate relative strength and MSFT is definitely showing very good strength at this time. I will be keeping this stock on my radar for a possible break-out candidate for later this year.

 

MSFT Microsoft Stock Chart

 

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