Cloudflare Inc Crushed Again, Watch This Trade Level
Leading cloud services provider, Cloudflare Inc (NET), has been tumbling lower since late November 2021. At that time, the stock traded as high as $221.64 a share. Since that pivot top, the shares have broken below the important 50 and 200 daily moving averages. This puts the stock in a very weak technical position on the charts and indicates lower share prices ahead are likely. Currently, the stock is trading around the $113.76 level.
The next major support level for Cloudflare Inc (NET) stock will be around the $97.00 area. This is where the stock broke out in mid-June 2021. Very often, when a stock drops so sharply in such a short time period of time it will be defended around it’s prior breakout level. There is also a major retrace area adding to the strength of the support level around $97.00.
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