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TheStreet Open House

5 Huge Stocks Set to Slingshot Higher

Microsoft

It's been a strong year so far for Microsoft (MSFT) shareholders. Since the first trading session of 2012, shares of the technology giant have rallied more than 18%, outpacing the broad market's already impressive performance by half.

As we approach the end of summer, Microsoft's performance could be about to accelerate.

>>4 Stocks to Buy and Forget for 4 Years

Microsoft is forming an ascending triangle pattern, a setup that's formed by horizontal resistance (in this case right at the $31 level) to the upside and uptrending support below. As shares bounce in between those two technically important price levels, they're getting squeezed closer and closer to a breakout above that $31 resistance level. When that happens, we've got our buy signal.

Volume has been slowly declining over the course of the pattern, and that's a good thing. We'll want to see a volume spike when the breakout above $31 happens. That indicates that buyers are participating in the breakout.

Microsoft shows up on a recent list of 12 Dividend Growth Stocks to Buy Now.

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