BOX trade ideas
Trending up. At support?Very new to trading and learning how to use all these tools. Seems to be trending right along the .618 support line. Am I using this correctly? Feedback appreciated.
BOX: Retracement In ProgressBOX has completed a 5 wave leading diagonal and is currently consolidating its gains.
The completion of a 3 waves consolidation will bring it to high 20s onward.
At present, Minuette Wave b appears to be completed.
It could still extend further to create a more complicated wave pattern.
Once completed, it will bring prices down below Minuette Wave a to complete Minute Wave ii.
Critical Support: A break of its leading diagonal low at 8.82 (dotted red) will invalidate this analysis.
BOX: New Kid On The Block ?BOX is a rather new listing which is less than 2 years old.
A upcoming Cloud service provider which primarily serves corporate clients to manage their content and collaborate internally/externally on the cloud.
Though it is down 27% from its list price, recent price action is however showing signs of strength.
From an Elliotician perspective, it is displaying 1-2, 1-2 impulsive price action.
This implies underlying strength which could result in very strong upside.
With 7 straight quarters of increasing fund ownership, it is a sign of confidence in this new listing.
Using Fibonacci projection from the recent low of 13.56 (Wave 2 circle), a couple of price targets to aim for:
(1) 20.30 (100% fib projection and overhead resistance around the range 20.30 - 21)
(2) 24.50 (161.8% fib projection and all time high resistance at 24.73)
A break below the recent low at 13.56 (Circle Wave 2) will change the outlook mentioned above.
BOX - Not so stellar guidance but strong earningsThe year over year growth has been compelling for Box and the stock has been on a nice uptrend since bottoming out at $10 in early and mid 2016. On March 2nd 2017 stock made a strong move to the downside breaking the near term support on a high volume due to not so stellar guidance but with strong earnings.
More details here : blog.buysellshortcover.com
