Back on November 30
we said that we would alert readers once Microsoft
(NASDAQ:MSFT) reached an Approaching Oversold level so that they could consider starting a long position. While the name is rated a Strong Sell, you might have the opportunity for a short-term long position now that it is Approaching Oversold. Keep in mind, our countertrend indicator has three levels: Approaching Oversold, Oversold, and Extremely Oversold.
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In terms of probability and confidence level, readers will take note of the fact that our countertrend indicator worked on Apple (NASDAQ:AAPL) when it approached an oversold level, as seen below.
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To learn more about ChartLabPro's algorithm visit www.chartlabpro.com.
No positions in stocks mentioned.
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