Shares of Box Inc (BOX) are under some heavy selling pressure after KKR bought $500 million of convertible preferred stock in the company. The stock is trading lower by 10.00% to $21.82 a share. It seems as if Wall Street does not like the deal with KKR as investors flee from the stock today.
Box Inc (BOX) stock should have some very strong daily chart support around the $19.50 level. This support area is where the stock broke out on March 9th, 2021. Often, prior breakouts will serve as very solid support when tested. The important 100-day moving average is also just below that support area adding to the strength of the $19.50 level. I will be keeping this stock on my radar in the near term for a bounce around this key level.
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