This morning, leading cloud computing stock, Cloudera Inc (CLDR), is selling off sharply after reporting earnings. The popular cloud computing stock is falling by 13.35% to $12.72 a share. Traders should note that Cloudera Inc (CLDR) shares have fallen below the important 200-week moving average. This is usually a very negative sign for the stock and often signals lower share prices ahead.
The next major support level for Cloudera Inc (CLDR) stock will be around the $10.50 area. This level is where the stock was defended and pivoted back in early November 2020. This important low led to a major rally and a new 52-week high for the stock. This tells us that the institutional crowd will likely support this level when tested. There is also the 100-week moving average around that level which should serve as more major support.
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