Here’s the level to watch on $NET – November 28, 2023
This is Scott with your Chart of the Day. I want to take a look at Cloudflare ( NYSE: NET ).
Cloudflare ( NYSE: NET ) is just bubbling underneath a pretty clear resistance zone, right around that 75.80-$76.00 level. You can see, just on this timeframe that I have brought up for a couple of months, it hasn’t been able to get above, it can’t get above, can’t get above, can’t get above.
I like to zoom out and see long-term price action as well. If I do that we can see that this price zone is actually pretty important. It may take a nice surge in volume to really break this stock out of what has been a pretty clear level. If I zoom out all the way to early 2022 you can see the stock bounced here. It tried to bounce again, tried to bounce again, and then finally broke down.
It was, at one point, support, and is now a major resistance zone. It couldn’t get above, couldn’t hold above, couldn’t get above, couldn’t get above, etcetera, etcetera. So I think we are going to have to look for a major volume surge to really soak up any long-lasting supply that is sitting right around that $76.00 range.
Now, when I am setting an alert on my software I don’t typically like to set it right on the pivot point. I like to set it, typically .15-$.20 underneath just to give me a head start, depending on what I am doing.
So then, I can zoom in, check out different time frames, and then see if the idea is actionable. I am going to set an alert on my software right around that 75.80 level and look for a strong volume surge that can push this stock out of this long-term resistance zone.
That is what I am looking at here on Cloudflare ( NYSE: NET ), I wanted to share it with you and hopefully, you find it helpful.
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