Leading healthcare services company, Teladoc Health Inc (TDOC), is falling lower again this morning. The stock is trading lower by another 5.4% to $110.76 a share. Traders should note that this stock topped out in February 2021 at $308.00 a share. Since that pivot top, the shares have plunged by almost $200 a share. It is safe to say that this former market leader is now in a confirmed down-trend. The stock is now breaking below its 200-week moving average which tells us that there is likely more selling to come.
The next major support level for Teladoc Health Inc (TDOC) stock will be around the $85.00 level. This support area is where the stock broke out back in January 2020. Often, when stocks backtest a major breakout point it will serve as excellent chart support. This is an area where the institutional crowd will usually defend the stock. At this time, this would be the only level where I would be a buyer of the shares.
Get EVERY trade Nick is taking with his members right here…
Get all of Nick’s OPTIONS Swing Trades Here <<>> Get all of Nick’s STOCK Swing Trades Here