Microsoft (MSFT) and ProAssurance (PRA), are reacting positively to short-term oversold conditions, so we stand by them as recommended long ideas with revised stop-loss levels of $280.25 for MSFT and $24.71 for PRA.
With the market poised for a short-term oversold bounce, we recommend high-beta exposure via software stock Manhattan Associates (MANH):
MANH has a short-term oversold upturn per the daily stochastics (not shown) after once again holding long-term support at the weekly cloud (shaded area on the chart below). The stochastic upturn supports a resumption of the intermediate-term uptrend, which supports a higher high and a breakout above the 200-day (~40-week) moving average.
Zooming out, intermediate-term momentum has shifted positive within the context of a long-term uptrend, and overbought levels are not within reach, providing a bullish framework.
Fibonacci resistance near $163, which roughly aligns with the top of the weekly cloud, can be used as a targeted level, allowing for ~20% upside potential. Support from a minor low near $126 can be used as a stop-loss level for risk management.
Manhattan Associates (MANH, $135.39)
Target: $163
Stop-Loss: $126