DocuSign Inc (DOCU) is a leading cloud software stock that has been declining since February 16, 2021. At that time, the stock traded as high as $275.46 a share. Since that pivot high the shares have dropped as low as $188.91 and currently trade around the $206.00 level. Traders and investors should note that the stock is now forming a bearish base along the 100-week moving average. This pattern is signaling weakness and another potential decline in the near term.
DocuSign Inc (DOCU) stock should have some solid support around the $150.00 area. This is where the stock has a major retrace level which should be defended by the institutional crowd when tested. Traders must watch this bearish pattern closely, a weekly break below the $188.00 level should start the decline in the stock.
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