Long candle shadows on Box stock price on 1 day chartVery long shadows on the price range for Box on the 1-day chart. Very high and very low price ranges ina given candle means there was emotion involved in trading.
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
