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Derive
- DOCU stock is in the hands of bulls and persists in shining.
- Bulls are looking in ideal shape and continue to surge.
DocuSign stock ( NASDAQ: DOCU) price showed a bull ride in the past trading sessions and attained extensive momentum. The price action is exceptionally bullish based on the stock’s weekly move, which offers an inclined activity with a bounce of more than 12% this week. DOCU continued to surge after retesting the base of $45 last month, and then after, bulls did not look back.
Last session, DOCU stock delivered its Q1 earnings report of 2023, where the stock showed double-digit growth of 12% in revenue to $659.58 Million and net income surged by 115.97% to 4.86 Million( YoY), where the EBITDA growth of 833.87% to 31.96 Million( YoY).
“DocuSign’s first-quarter results, coupled with traction on our strategic objectives, reflect a solid start to the year,” CEO Allan Thygesen said.
At press time, DOCU stock was traded at $55.73 with a massive increase of 5.50% showing buying perspectives. Moreover, the trading volume in the intraday session rose by more than 60% at 13.722 Million.
DocuSign, Inc. offers electronic signature products, enabling an agreement to be signed electronically on various devices virtually anywhere in the world. The Company provides DocuSign Agreement Cloud, a cloud software platform that automates and connects the entire agreement process.
Daily Charts of DOCU stock
DOCU was flying with the rising channel on the daily charts and did not pause a bounce from $40. The price action is likely bullish, and bulls have gained traction in the past months.
DOCU stock was noted with a short covering move, and sellers were trapped, resulting in the stock price rally. Moreover, the earnings report in the last session was more than expected, resulting in a strong up move.
The stock’s trajectory is now strong and near the 200-day EMA mark, which, if it surpasses, will fetch its R1 and R2 shown on the charts.
Will DOCU surpass above $65?
On the 4-hour charts, DOCU showed a wick formation at $65, showing that it has faced rejection when climbing the gains. At the mark of $65, there is multiple resistance, which does not allow the stock to surpass in a single effort, resulting in a pause.
The RSI showed a positive crossover and floated near the overbought zone, where indications are of further buying in the stock, which will catch in the upcoming sessions.
The MACD indicator noted a beginning of bullishness with green bars on the histogram, and a crossover was noted.
Conclusion:
DocuSign stock is rushing the gains and trying to leave the 200-day EMA mark in the following sessions. Investors have kept their eyes on the stock for fresh positions.
Technical levels:
Major support: $50
Major resistance: $65
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
