Box inc (BOX) provides an enterprise content management platform for organizations to manage their content internally and externally. The stock topped out in late June 2020 at $22.09 a share. Since that high pivot, the shares have declined down to around the $16.00 level. The stock has now broken below its important 50 and 200-day moving averages. This puts the stock in weak technical on the charts and indicates lower prices ahead.
One trade level that is on my radar is around the $15.00 area. This key support zone is where the stock broke out in early May 2020. It is also an important retrace area on the larger time-frames. Often, the institutional crowd will defend stocks when they have these important support factors involved. This is a level where I will be looking to enter BOX stock on the long side. Please remember, Box Inc (BOX) is scheduled to report earnings on November 24, 2020.
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