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DOCU – Chart of the Week for March 8, 2024

by | Mar 8, 2024

Chart of the week this week is DOCU.

Before we get started, I just went live with fellow trader Geof Smith to talk about the coming Gold Supercycle. Gold has just triggered an entry signal — but if you are planning to “buy and hold” gold, you might be making a mistake! Click here to see what Geof recommends instead.

Ok, now onto this week’s epic chart…

This Week’s Chart

DOCU has made a bottom back in November 2023 and then had a nice move up, but that move seems to have run out of steam in late January 2024.

DOCU then quickly moved down to support at my orange line which I call the Roadmap Line (RML)*.  This retrace also coincided with a 61.8% retrace of that move up (not shown).

The aggressive entry is here where we are now around $56.

Then more conservative entry would be on a daily chart candle close above the high DOCU made today Friday, March 8, 2024, or around $59-60.

The super conservative target is the prior high from late January, or about $63-$64.

The standard target that is around 70% likely to be hit AFTER we get the conservative entry is sitting at $68.

The aggressive target would be up to around $74.

The pattern breaks down on a move down below $46.

Consider setting a stop or calling it quits on a sustained move below that price.

The Chart

You can go check out my chart marked up with notes (entries, targets, etc) right here: https://www.tradingview.com/x/NEm4XzcM/

More Free Trade Ideas

I give out free trade ideas like this all the time on my daily morning show “Morning Monster”, as well as my “30 Minutes of Awesome” show Tuesdays at 5pm Eastern.

To get notified every time I go live with those shows, click here to subscribe to my YouTube channel.

Hope to see you there.

— Jeffry Turnmire

 

PS> *The RoadMap Line or RML is based on my Market Roadmap indicator. Market Roadmap is my custom-built TradingView indicator that helps me spot many of the trades I post, including this one. If you’d like to grab Market Roadmap for yourself — and get access to some of my private Discord channels, too  — just click here to pick it up for $5!

In my Discord channels, I give out EVEN MORE free trade ideas — so think about it: Between my free YouTube content, the Discord channels and the Market Roadmap indicator, you could have more trades than you can handle every single week!

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