Upcoming Earnings:

DocuSign, Inc. (ticker: DOCU) is scheduled to report earnings after the market closes on 5 September. The consensus earnings per share (EPS) estimate for the fiscal quarter ending July 2024 is $0.20. The reported EPS for the same quarter a year prior was $0.09.

Dip Buying?

In the short term, on the H4 chart, we have an uptrend in play, where dips were bought into at US$50.57 and US$54.10. The latest correction, in play since 30 August after forming a high of US$59.76, may also be a move that buyers look to take advantage of.

Of particular interest may be the support zone between US$55.83 and US$56.22, which happens to be nestled within the Ichimoku Cloud (made up of the Leading Span B at US$56.93 and the Leading Span A at US$58.23).

Price Direction

The trend and current correction on DOCU right now favour buyers at the moment. The blend of support at US$55.83-US$56.22 and the Ichimoku Cloud, therefore, could prompt dip buying if tested, as per the white arrows, with some investors positioning protective stop-loss orders beyond the lower boundary of the Cloud and the previous higher low at US$54.10.

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