DocuSign Inc Is Holding But Still Has Lower To Go
Leading cloud software stock, DocuSign Inc (DOCU), was clobbered on December 3rd, 2021 after reporting earnings. At that time, the company guided Q4 revenues below consensus and the stock was taken to the woodshed. During that session the stock traded as low as $131.52 a share before staging a feeble bounce. Currently, DocuSign Inc (DOCU) stock is trading around the $143.00 level. Traders should note that this stock is in a very weak technical chart position as the stock trades below all of its major moving averages. The stock also broke many key support levels and looks to be simply bouncing a little from an oversold condition.
The next major support level for DocuSign Inc (DOCU) stock will be around the $120.00 area. This key level was where the stock was defended back in late May 2020. Very often, when trying to find a falling knife support level it is extremely important to see where the institutions stepped up and sponsored a stock. That sponsorship was seen around the $120.00 level and this is worth a long side trade when tested.
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