3SigmaMarkets Microsoft, Alphabet, Outlook Report 27th Oct 2021

Economic data releases for Wednesday 27th October start in the morning with Germany November GfK consumer confidence, France October consumer confidence, and Euro Area September M3 money supply figures. In the afternoon investors will closely watch the release of US preliminary September wholesale inventories, durable goods orders, and core capital goods orders. Central Banks activity is reserved for monetary policy decisions from the Bank of Canada and Central Bank of Brazil. Scheduled company earnings continue with releases from Thermo Fisher Scientific, Coca-Cola, McDonald’s, Boeing, General Motors, Santander, Ford. UK Equities and GBP currency crosses volatility could be impacted by UK government Autumn Budget announcements and Spending Review.

Microsoft

MSFT price action is up trending, supported by rising trend line and 20,50 and 200 Day Moving averages. The current resistance on the upside is at 319.00 level. The initial supported to the downside is at 298.00 (50 Day Moving Average) level. A confirmed breakout above 319.00 level could appear Bullish targeting additional upside resistances at 325.00 followed by 332.00 and 340.00 levels.  Alternatively a confirmed loss of 298.00 level could appear bearish targeting additional downside supports at 282.40 followed by 275.00 and 262.80 (200 Day Moving Average) level.

Possible Trade Set Up: A corrective rally higher from the current Daily support at 298.00 level and a confirmed breakout above daily swing high resistance at 319.00 could support a Bullish outlook targeting upside resistances at 325.00 followed by 332.00 and 340.00 levels. Alternatively, a confirmed breakout below 282.40 level and an End of Day close lower; would invalidate Bullish trade set up.

 

 

 

 

Alphabet

GOOG  price action is up trending supported by rising trendline and 200 Day Moving Average. The key trading level is 2,815 (50 Day Moving Average). The upside is capped by 2,884 level.  A confirmed breakout higher above 2,884 resistance, could appear Bullish targeting additional upside resistances at 2,942 followed by 3,000 and 3,084 levels. Alternatively, a confirmed loss of the current Daily support at 2,643 level could support a bearish outlook targeting additional downside supports at 2,584 followed by 2,496 and 2,416 (200 Day Moving Average) levels.

Possible Trade Set Up: A rally from the key trading level at 2,815 level and a confirmed breakout above current Daily resistance at 2,884, could support a Bullish outlook targeting upside resistances at 2,942 followed by 3,000 and 3084.50 levels. Alternatively, a confirmed breakout below 2,643 level and an End of Day close lower; would invalidate a Bullish trade set up.