Box Inc Retreats, Here’s The Trade

Box inc (BOX) provides an enterprise content management platform for organizations to manage their content internally and externally. The stock topped out in late June 2020 at $22.09 a share. Since that high pivot, the shares have declined down to around the $16.00 level. The stock has now broken below its important 50 and 200-day moving averages. This puts the stock in weak technical on the charts and indicates lower prices ahead.

One trade level that is on my radar is around the $15.00 area. This key support zone is where the stock broke out in early May 2020. It is also an important retrace area on the larger time-frames. Often, the institutional crowd will defend stocks when they have these important support factors involved. This is a level where I will be looking to enter BOX stock on the long side. Please remember, Box Inc is scheduled to report earnings on November 24, 2020.

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