BOX: New Kid On The Block ?
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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.
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.
Note
Prices are retracing from its near term high.Target an entry upon strong break of its high.
Critical Support as shown.
Break below critical support requires review of 1-2, 1-2 wave setup.
Ordre annulé
The lack of explosive-ness expected from 1-2, 1-2, 1-2 wave formation has bring about some doubts to the current analysis.I don't completely rule out the possibility of this 1-2, 1-2, 1-2 happening moving forward.
However, a more conservative approach (in a new posting) will be taken in the hope of 1-2, 1-2 wave will eventually happen in the future.
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