Leading cloud software stock, Box Inc (BOX), has come under heavy selling pressure in September. Box Inc (BOX) stock traded as high as $26.38 a share on September 3rd, 2021. Since that high pivot, the shares have rolled over and currently trade around the $22.90 area. The stock is now trading below its important 50-day moving average which is a negative in the chart world. It is also starting to consolidate in a bearish manner just above the 200-day moving average making this a minor support level. In the trading business we want to trade only major support levels, not minor.
The next major support level for Box Inc (BOX) stock will be around the 20.00 area. This support area is where the stock broke out to the upside in early March 2021. There is also a very important 200-week moving average right around that level. That important 200-week moving average is major support right now. These 2 chart factors should be excellent support for a solid bounce in Box Inc (BOX) stock.
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