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SAP Is Getting Spanked, Watch This Trade Level

SAP (NYSE:SAP) is a leading Germany-based company that offers enterprise application software. The stock recently plunged lower by more than 23.0% after reporting earnings that disappointed Wall Street investors. It should also be noted that the stock actually peaked on September 2nd, 2020 at $169.30 a share. So the stock was starting to come under distribution before the earnings announcement on October 26, 2020. Today, the stock is struggling again trading lower by $1.54 to $105.32 a share. It seems that the continued European lockdowns are one factor weighing on the stock at this time.

Traders should now watch SAP stock around the $100.00 level. This is a very important whole number that will often be defended by many market participants. The $100.00 area is also where the stock was defended in late March 2020. Often, this tells us that the institutional crowd will step in and support the stock around this key level. I will likely trade this equity with call options when it trades down to this important support level.

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