Microsoft (MSFT) Becomes the Worlds Most Valuable Company
According to financial data, Microsofts market capitalisation currently stands at approximately $3.24 trillion, while the valuations of Apple and Nvidia second and third on the list respectively remain below $3 trillion.
This follows a sharp surge in Microsofts share price (MSFT), which has risen by over 26% from its April low.
Why has Microsofts share price risen?
The main driver behind the MSFT stock rally was last weeks quarterly report, which outperformed analysts expectations:
Earnings per share: actual = $3.46, forecast = $3.22;
Revenue: actual = $70 billion, forecast = $68.4 billion.
As reported in the media, investors responded positively to a notable increase in revenue from Azure cloud services.
Technical Analysis of Microsoft (MSFT) Shares
A wide bullish gap over 7% pushed the price above a key support line that had underpinned the 2024 uptrend in Microsoft stock.
However, following the reports release, the price stabilised just below a resistance line drawn through previous key highs.
This provides grounds to interpret the current setup as a symmetrical triangle pattern with an axis around the $427 mark, suggesting short-term price consolidation within the defined boundaries.
Going forward, further key news related to Microsoft a company less exposed to trade war impacts than Apple could:
help maintain its status as the worlds most valuable firm;
support a potential bullish breakout through the resistance line and a continuation of the 2024 uptrend.
Read more: https://fxopen.com/blog/en/oa-microsoft-msft-becomes-the-worlds-most-valuable-company/
Text source: Forex Trading Blog
