DocuSign (DOCU) has recently generated a buy signal and has potential to reach the 230 to 250 area over the coming weeks. Of course a supportive stock market will likely provide bullish momentum required to reach these objectives.

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DocuSign Continues To Shine?

DocuSign (DOUC) provides a way for companies to collect electronic signatures across multiple devices.

The stock has benefited immensely from the current situation which appears to be the main catalyst. More importantly the technical context continues to offer opportunity in light of the recent bullish pin bar and buy signal.

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Here is the trade idea:

Buy LIMIT: 205.50
Stop Loss: 193.50
Target 1: 218
Target 2: 228
Target 3: 248
R:R 2.2

The price is 10 dollars higher than the previous close which puts it in the middle of the broader range. These areas are usually NOT a good place to be buying for such a trade.

So in an attempt to get a better price, we will use a limit order below the market. If price runs higher without filling, no problem, because no risk is taken. Our swing trade strategy depends on high probability locations, not reacting and chasing profits.

If price retraces for whatever reason, it is possible that is can work it’s way to the stop relatively quickly. IF price revisits the 205 area, it would be wise to wait for some stability rather than placing a blind limit order, but that is up to you and your risk tolerance.

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