DocuSign: An Expected Move Below The Support Level

Today’s instrument is the DocuSign Inc. stock traded in the Nasdaq exchange under the ticker DOCU

If we look at the DOCU chart, we can see it was trading in a downward trend for the past week topping at $255 and after failing to break out it fell initially to the $245 and then being unable to hold on, it fell further below to the $230. The closest support level can be deemed at the $230 price range and the closest overhead resistance the $245. Its last traded price was $233.90.

Today we could expect a move below the support of $230 possibly near the to $226.

If however, it manages to hold above the current price range then a case can be made for moving towards the $245 resistance level.

(Click on image to enlarge)

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