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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