Microsoft is on a roll, but how long will the streak of the tech giant continue? Will it surpass expectation and make history, or is this week the last for its continuous gains?
Shares of Microsoft Corp. MSFT, +0.53% jumped 0.9% on afternoon trading, Monday. If this trend continuous until Friday, the Washington based software giant responsible for bringing Office into our computers is set on its 8th-straight gain. Microsoft’s stock was also headed toward a 6th-straight record close day.
If an 8-streak win is achieved by Microsoft this week, it would be the second 8-streak gain for the company this year and the third since its 9-straight sessions ending Oct. 16, 2017, without a decline.
The last time it rose for nine-straight days was the nine days ending Oct. 21, 2013.
The streak comes after Oppenheimer technical analyst Ari Wald said that the tech company was a “top buy” given the long-term bullish technical backdrop.
“[Microsoft’s stock] checks all our boxes,” Wald wrote in a note to clients. “Key positives include the stock’s bullish trend, high momentum score and top-down tailwinds based on our view that the technology sector is a prime candidate to be a key driver of the S&P 500’s secular advance over the coming quarters to years.”
The company’s value was up 35.4% thus far as the software giant still holds the top spot for the companies with the biggest market capitalization, with a market cap of $1.054 trillion.
The company’s rolling streak has withstood the impacts of China-US trade war and the market volatility that banning Huawei has over tech companies. The brewing tension has been hurting other key players in the tech industry, but it seems like Microsoft is immune.
The company is way ahead of second-place Amazon.com Inc. AMZN, +0.17% at $938.7 billion and third-place Apple Inc. AAPL, +0.13% at $919.3 billion in terms of market capitalization.