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It’s actually forming a pennant pattern — a well-known chart pattern in technical analysis that usually foreshadows trend continuation.
The pennant pattern actually starts with a big pop, known as the “pole”.
For DOCU, this pole was formed by the single-day, nearly 20% jump from below $53 to nearly $63.
The next day, the stock fell, giving back the majority of its previous day’s gains.
But then over the past 2 weeks or so, the stock has bounced up and down in an increasingly tighter range.
Many traders might give up on DOCU, but Jeffry pointed out the obvious pennant pattern and told us that he still expects it to pop.
As always, timing is the hardest part to pinpoint, but upside targets of $63, $68 and even $74 are still on the table.
With a current price just below $59, any one of those moves would provide a nice return — especially for traders who decide to play it with options.
— The Prosperity Pub Team
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