After a break in trend and a push down NASDAQ:DOCU has shown a depletion in seller power after bouncing off July resistance level. Ended the day showing a Bull Hammer candle and a shift in momentum. Resistance and support based loosely on Fibonacci levels from start of trend, mostly on retests however. Gap fill is price target on upside.
@crawfordpaul My thoughts - It has a crappy service - Verisign and Esign by Adobe is easier to use - NO WAY should this company should be worth more than Toyota -WTH??? So I hope it retraces to 230 and makes a perefct head and shoulders pattern so I can SHORT it - only 4.7% short positions now and margin still only 25% needed to short....so I hope it does rally a little more...
crawfordpaul
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@SeattleGuy, Could make the same argument with ZM vs MSFT virtual confrences. ZM is full of bugs but it was first to hit the scene. Don't think the work from home scene is going anywhere for a while might retrace 250 if there is another lockdown.
CapeAfrican
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@crawfordpaul, Time will tell - I think the whole FANGS valuation is 2000 Y2K bubble all over again -- Warren Buffet said it best = "They know that overstaying the festivities — that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future — will eventually bring on pumpkins and mice." "But they nevertheless hate to miss a single minute of what is one Helluva party." "Therefore, the giddy participants all plan to leave just seconds before midnight." "There's a problem, though: They are dancing in a room in which the clocks have no hands." *Warren Buffett*
crawfordpaul
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@SeattleGuy, Well said, couldn't agree more, check out my post on QQQ there isn't much propping the market up with tech falling the way it is, I'm thinking it will be a long way down all the way through this election. Nasdaq is still up 1,300 points since January of this year could easily shave 700+ points in October and November.