Cloudera Inc Tanks After Earnings, Here’s The Trade Level
This morning, leading cloud computing stock, Cloudera Inc (CLDR), is selling off sharply after reporting earnings. The popular cloud computing stock is falling by 13.35% to $12.72 a share. Traders should note that Cloudera Inc (CLDR) shares have fallen below the important 200-week moving average. This is usually a very negative sign for the stock and often signals lower share prices ahead.
The next major support level for Cloudera Inc (CLDR) stock will be around the $10.50 area. This level is where the stock was defended and pivoted back in early November 2020. This important low led to a major rally and a new 52-week high for the stock. This tells us that the institutional crowd will likely support this level when tested. There is also the 100-week moving average around that level which should serve as more major support.
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