Despite last night's impressive results, shares of Microsoft Corporation (MSFT) - Get Report are showing little upside momentum Friday morning. Ahead of Thursday's news the stock had rallied nicely from the early July lows. At Thursday's peak, shares had gained over 8% from the June/July bottom, its sharpest intra-month rise since the election. A consolidation may be ahead and with it low-risk entry opportunities for patient investors.

During the post-election rally, Microsoft has been a very steady performer. Unlike Oracle Corporation (ORCL) - Get Report and Adobe Systems Incorporated (ADBE) - Get Report  , the stock is not a volatile mover even after very bullish news. Microsoft has shown a consistent pattern of brief consolidations and pullbacks without the sharp rips higher. Investors should expect this type of action to continue through year end.

After regaining its footing near the June lows, Microsoft broke above a key overhead trendline on July 12. The stock moved into new 52-high territory three days later leaving multiple layers of support behind. This impressive move also drove the stock back into overbought territory. A bit of back-and-fill action will likely follow and with it low-risk entry opportunities for investors. A key support zone is now in place between $72.00 and $70.50. A dip down to this area, followed by a short-term base, will set the stock up for a fresh rally leg.

Microsoft's shares fell 0.7% to $73.73 by Friday's close.

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This article is commentary by an independent contributor. At the time of publication, the author had long positions MSFT, ORCL and ADBE.