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NicksAnalysis
Mar 10, 2022 7:20 PM

Doximity | DOCS | Needs to Find Bottom Short

Doximity, Inc.NYSE

Description

Doximity ( NYSE:DOCS ). The algos may have this one set to fall for a while, unfortunately. Fairly new to the market, it made a new low in January 2022 and may need more time to find the actual bottom. The support and resistance lines/angles all indicate a falling wedge down to $10. The thick white lines on the chart show major support/resistance areas while the blue dotted lines highlight the possible max formation of the wedge. While it may not drop quickly, what I see is the beginnings of a bleeding stock. Confirmation of a further decline will be if it breaks $48 in the near-term.

P/E 103.80x and insiders continue to slowly trim shares.

Trade closed: target reached

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