Upcoming Earnings

Dropbox, Inc. (ticker: DBX) is scheduled to report earnings after the market closes on 8 August. The consensus Earnings Per Share (EPS) estimate for the fiscal quarter ending June 2024 is $0.31. The reported EPS for the same quarter a year prior was $0.28.

Rising Wedge and Ichimoku Cloud Resistance Combination

Since 5 August, buyers and sellers have been carving out a short-term rising wedge pattern (from $22.08 and $21.21), which happens to converge closely with an Ichimoku Cloud Resistance between the Leading Span A (light green at $21.77) and the Leading Span B (light orange at $22.96).

Price Direction

Should price action continue to compress within the rising wedge formation until connecting with the Ichimoku Cloud, a lower breakout could be seen, which may target support from $21.14 and possibly support at $20.80.

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