Microsoft (MSFT) is likely in a bullish market after several months of sideways consolidation as we can see in the daily chart. MSFT Daily Chart 9/27(click to enlarge)Breakout and double top:- The daily chart shows that price was holding at 56.90 at the end of 2015 and again in April 2016.- Support was also around 48.18 twice, creating a sideways range.- Price pushed above 56.90 in August but stalled around 58.50.- After a couple of failures to clear 58.50, MSFT formed a double top.- Price is now retreating from this double top, and the recent resistance at 58.00 suggests further bearish correction at least in the short-term.52-54 is key:- First of all, 52 is a key pivot. If price breaks below 52, I would be convinced that the August breakout was a failed one, which suggests further downside back towards at least 48.18. - Instead, I think the breakout in August could be a sign of bullish continuation. In this scenario, we should anticipate support around 54.00-54.50.- If price falls to 54. it would close a previous upwards gap in July. Price would also be testing the 200- and 100-day simple moving averages (SMAs).With the breakout and a pullback, I think we can consider buying on a dip towards 54 but we would have to give it elbow space to 52. The upside is at least 60. But if we take the 2015-2016 range and project it to the side of the breakout, we would get a medium to long-term target of (56.90-48.18)+56.90 = 65.62Here's the latest news on Microsoft from TheStreet.comNEW YORK (TheStreet) -- Shares of Microsoft (MSFT) were flat in pre-market trading on Tuesday as the technology company is working with the investment firm Bank of America/Merrill Lynch on a project that will speed up trade finance transactions. The companies will build and test technology to create a blockchain-based framework that could be sold to other businesses, Microsoft said in statement this morning. Blockchain technology is an electronic record-keeping and transaction-processing framework that allows users to track information via a secure network. The technology originates from the digital currency bitcoin, Reuters noted.The process makes transactions faster, more reliable and easier to audit because it doesn't require manual processing or authentication through third parties, according to Reuters. Microsoft's cloud platform, called Azure, will be used for the project. (More on TheStreet.com)