Microsoft stock opened mildly higher on Tuesday, edging up to 347.97 as investors eagerly awaited the company’s Q2 earnings and its outlook on artificial intelligence after the market close.

The price has been in a bearish corrective mode during previous sessions following the peak at a new record high of 366.49 last Wednesday, but the long-term uptrend from the November low of 213.17 is still well intact.

The technical indicators are currently sending mixed signals, providing little direction about the next move in the price. Nevertheless, as long as the price keeps trading above the 20-day simple moving average (SMA) the focus will remain on the upside and particularly on June’s high of 349.56. A successful close higher could face some consolidation between 350 and the record high of 366.49. If the uptrend strengthens above the channel’s upper boundary at 372.00, the next obstacle could emerge within the 380 territory, while higher, the bulls may lose steam around 390.

Alternatively, a dive below the 50-day SMA and out of the upward-sloping channel could prompt a notable decline towards the broken ascending line from October seen near 315.65. Another failure there could press the stock towards the 2023 tentative support trendline at 303.