Microsoft has bid $45 billion to buy Yahoo and take down Google. Stock price has dropped 6,60% today after releasing this news.
But, as we can see at the figure below, technical situation is very weak and dangerous. A double top has been confirmed after falling below $32,50, so next objective could be $27,50 – $28.
To make matters worse, stock price is below 200 MA (moving average), and we can see a shooting star. Although a shouting star must be on a bullish trend, it’s a sign of weakness.
Resistance level: $32,5.
Support level: $30
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