Wednesday, March 31, 2021 1:10 PM EDT
Amdocs Limited (DOX) is a provider of software and services for communications, pay television (TV), entertainment and media industries. The stock recently made a new all-time high on March 16th, 2021 at $82.38 a share. Since that top, the stock has been declining sharply. Today, the stock is trading lower by $5.59 to $73.75 a share. The shares are now trading below the important 50-day moving average. This is usually viewed as a sign of weakness when the 50-day moving average is breached so easily. Traders should expect further weakness in the near term.
The next major support level that will be in play for Amdocs Limited (DOX) will be around the $65.00 area. This is where the 200-day moving average is located. It is also where the 50, and 100-weekly moving average is also sitting, so this becomes an even stronger support level with all of these factors. In addition to the moving averages, there is a major retrace level around the $65.00 level. Generally, when you have so many solid supporting factors in play this will make a solid long side trade.
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as ...
more
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.
less
How did you like this article? Let us know so we can better customize your reading experience.