Docusign Stock: Does It Look Promising, or Still Iffy?
During the pandemic, homes were buzzing with activity. Video calls, online convos, signing documents electronically… the list goes on. Now that things…
During the pandemic, homes were buzzing with activity. Video calls, online convos, signing documents electronically... the list goes on. Now that things have normalized, some of those activities aren't as central to our lives as they used to be, and thus many of the "pandemic" stocks lost value. But now, some of those stocks look like they may be recovering.
Earlier this week, one of the stocks that popped up in the SCTR Scan was Docusign (DOCU). The company grew during the pandemic, but post-pandemic is a different story. DOCU has faced many headwinds—layoffs, CEO change, falling stock price. But it looks like things may have stabilized. Does that mean the stock of the electronic signature software company may be turning around?
A Weekly Point of View
It's worth looking at the weekly chart of DOCU.
CHART 1: WEEKLY CHART OF DOCU STOCK. After going through a significant selloff, the stock is showing signs of stability.Chart source: StockCharts.com (click chart for live version). For illustrative purposes only.
Docusign stock price rose during the pandemic, reaching a high of $314.70 in August 2021. Since then, the stock price has cascaded lower, hitting a low of $39.57 in November 2022. That's quite a drop.
Zeroing In: Daily Price Action in DOCU Stock
The big question is, "Is the stock ripe for a reversal?" Let's switch to a daily chart.
CHART 2: DAILY CHART OF DOCU STOCK. There's a chance the stock could break out above $58.80, but it may go through a short consolidation period before a confirmed breakout.Chart source: StockCharts.com (click chart for live version). For illustrative purposes only.
Since November, DOCU has gone through a volatile ride, gapping up, gapping down, and having some pretty wide up-and-down range days. From early May, the stock has moved higher, with a consistent pattern of higher highs and higher lows. The stock is now trading above its 100-day moving average and is approaching a critical resistance level of $58.80, which was a resistance level in March after a huge gap down in the stock price.
There are a couple of points to note. The SCTR score for DOCU has crossed above 70, whereas in the short-lived March rally, the SCTR didn't even reach 50. Relative strength with respect to the S&P 500 index ($SPX) is trending higher, albeit gradually. It all depends on what happens when the stock hits its next resistance level. If the stock price breaks through the resistance level with follow-through, it could be a great entry point. If that happens, the SCTR is likely to remain above 70 and the stock could show continued relative strength against the S&P 500 index.
The downside: The moving averages are not trending up, so there's a chance the stock could stall and go through a consolidation pattern, similar to what it did in March. After the consolidation, the price could go either way. If it goes lower, it would be a repeat of the previous down move. If the price moves higher, there's a chance we could see a Cup with Handle pattern (although the front spout would make it look more like a teapot), which would mean a short-term consolidation phase before a breakout.
How to Trade DOCU Stock
Going back to the daily chart, if the stock price breaks above $58.80, a short-term price target would be around $67, which is where price was before the March gap down.
For a longer-term trade, the price target would be much higher. You would stay in the trade as long as the pattern of higher highs and higher lows continues. If there's a change in that pattern, you're better off exiting the trade.
As long as the SCTR remains above 70 and relative strength against the S&P 500 index continues trending higher, your long position can remain in play. But if technical conditions weaken for DOCU, you're better off exiting your trade.
Other Stocks From the Scan
Here are some other stocks that showed up on the large-cap SCTR scan.
Baidu, Inc. (BIDU)
Booking Holdings Inc. (BKNG)
Cardinal Health (CAH)
Formula One Group (FWONK)
Sony Group Corporation (SONY)
Looking Back at HSY
On May 24, Hershey Foods Corp (HSY) was the featured SCTR scan stock. Let's look at how that stock is performing.
CHART 3: HERSHEY STOCK TRADING BELOW 50-DAY MOVING AVERAGE. The moving average, previously a support level, is now a resistance level. If the stock doesn't break above the moving average, the SCTR isn't able to stay above 70, and relative strength against the S&P 500 index continues to weaken, you may want to revisit this stock at a later time.Chart source: StockCharts.com (click chart for live version). For illustrative purposes only.
Hershey's stock fell below its 50-day moving average, which is now looking like it may be a resistance level. The SCTR score is flirting with the 70 level, and relative strength against the S&P 500 index is trending lower. So this stock may be one to revisit at a later time.
SCTR Crossing Scan
[country is US]
AND [sma(20,volume) > 100000]
AND [[SCTR.large x 76] or [SCTR.large x 78] or [SCTR.large x80]]
Credit goes to Greg Schnell, CMT, MFTA.
Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.
The United States cryptocurrency sector received a jolt on Monday, as VanEck today marks the inaugural debut of its Ethereum-based exchange-traded fund…
The United States cryptocurrency sector received a jolt on Monday, as VanEck today marks the inaugural debut of its Ethereum-based exchange-traded fund (ETF). The innovative investment instrument is designed to offer investors indirect exposure to the second-largest cryptocurrency by market capitalization. This exposure is achieved by investing in contracts of Ethereum (ETH) futures.
ICYMI: IT'S OFFICIAL!#VanEck launched #Ethereum Strategy ETF, becoming one of the first U.S. investment managers to bring a futures-based ETF tied to the world's second-largest crypto, ether $ETH! https://t.co/PzFX7EsLFG
The product, listed on VanEck’s website, commenced trading on October 2nd on the Chicago Board Options Exchange (CBOE). This milestone establishes VanEck as one of the pioneering U.S. investment managers to introduce an ETF grounded in Ether futures—cash-settled ETH futures contracts traded on the Chicago Mercantile Exchange, a registered exchange supervised by the Commodity Futures Trading Commission (CFTC).
VanEck had disclosed its plans to launch an ETF based on Ether futures last week, indicating that it had received the eagerly awaited approval from the Securities and Exchange Commission (SEC).
The competition for Ethereum futures-based ETFs gained momentum earlier this year when several managers, including Bitwise, ProShares, VanEck, and Grayscale, submitted proposals for such products. As of the latest count, approximately 15 entities have submitted their proposals to the SEC this year.
While U.S. regulators greenlit the launch of the first ETFs based on Bitcoin futures in 2021, they had not previously endorsed funds tied to futures of other cryptocurrencies. VanEck, at that time, emerged as the second manager in the nation to introduce a BTC futures ETF.
In addition to VanEck’s Ethereum futures performance-focused product, several others also made their debut on this Monday. ProShares, the same company that introduced the first U.S. Bitcoin futures ETF in 2021, introduced the ProShares Ether Strategy ETF, along with two others offering a blend of BTC and ETH exposure. Bitwise, another manager, announced the launch of two ETH futures ETFs: the Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF.
The crypto community is still awaiting the introduction of the first spot ETFs for both Bitcoin and ETH. In August, the SEC delayed it decision to issue spot crypto ETFs, although no official reason was cited in the decision.
Study uncovers function of mysterious disordered regions of proteins implicated in cancer
Study uncovers function of mysterious disordered regions of proteins implicated in cancer Credit: Courtesy of Dana-Farber Cancer Institute Study uncovers…
Study uncovers function of mysterious disordered regions of proteins implicated in cancer
Credit: Courtesy of Dana-Farber Cancer Institute
Study uncovers function of mysterious disordered regions of proteins implicated in cancer
Study Title: A disordered region controls cBAF activity via condensation and partner recruitment
Publication: Cell, Monday, October 2, 2023 (https://www.dana-farber.org/newsroom/news-releases/2023/study-uncovers-function-of-mysterious-disordered-regions-of-proteins-implicated-in-cancer/)
Dana-Farber Cancer Institute author: Cigall Kadoch, PhD
Summary:
New research from Dana-Farber Cancer Institute researcher Cigall Kadoch, PhD, along with colleagues at Princeton University and the Washington University in St. Louis, reveals a key role for intrinsically disordered proteins known as IDRs that are implicated in a wide range of human diseases, from cancer to neurodegeneration. Kadoch’s team studies large protein complexes called mSWI/SNF or BAF complexes that control which genes turn on and off in cells. BAF complexes are the most frequently mutated cellular entities, second only to TP53, a tumor suppressor. Intrigued by the fact that over half of the complex mass contains IDRs, including the ARID1A/B subunits in which a high frequency of disease-causing lesions, or mutations, accumulate, the group set out to define their contributions. They found that these IDR regions lead to two important functions: first, condensation, the tight clustering of proteins in close distance to one another in the nucleus, and second, protein-protein interactions that are required for the proper positioning and activity of BAF complexes along DNA. Kadoch and colleagues show that the right interactions depend on highly specific “sequence grammars” within the protein’s IDR amino acid code, a concept broadly useful to the burgeoning area of work in this area to understand and ultimately therapeutically target biomolecular condensates and their constituents.
Impact:
IDRs comprise a large percentage of the human proteome and are particularly important for nuclear proteins that govern our genomic architecture and gene expression. Their disruption is frequent in cancer. This study sheds light on the sequence-specific contributions of IDRs to the highly disease-relevant mSWI/SNF (BAF) chromatin remodeling complexes, which have become top therapeutic targets in oncology.
Funding:
Howard Hughes Medical Institute, The Mark Foundation, National Institutes of Health, United States Air Force Office of Scientific Research, St. Jude Research Collaboratives, Fujifilm, and The Wellcome Trust.
Book describes Sam Bankman-Fried with little attention span or respect for appointments
The former FTX CEO was reportedly invited by Vogue editor-in-chief Anna Wintour to be her special guest at the Met Gala, only to cancel at the last minute….
The former FTX CEO was reportedly invited by Vogue editor-in-chief Anna Wintour to be her special guest at the Met Gala, only to cancel at the last minute.
Michael Lewis, author of The Big Short, has painted an interesting picture of Sam Bankman-Fried (SBF) in his soon-to-be released book on the former FTX CEO.
In an excerpt of Going Infinite: The Rise and Fall of a New Tycoon published in the Washington Post on Oct. 1, Lewis described several interactions Bankman-Fried had with the media and influential figures prior to the downfall of FTX and his criminal charges in the United States. According to the author, he would frequently play video games in the background of online interviews — his League of Legends exploits are well reported — often giving little attention to people including Vogue editor-in-chief Anna Wintour.
“Sam didn’t want to seem rude,” said Lewis on SBF’s talk with Wintour. “It was just that he needed to be playing this other game at the same time as whatever game he had going in real life. His new social role as the world’s most interesting new child billionaire required him to do all kinds of dumb stuff. He needed something, other than what he was expected to be thinking about, to occupy his mind.”
At one point, Sam Bankman-Fried was worth $22.5 billion. No one but Mark Zuckerberg had become richer faster.
Lewis added that Natalie Tien, who moved into the role of FTX’s head of public relations and SBF’s “personal scheduler”, said the former CEO cancelled many highly publicized appearances — often at the last minute — for seemingly no reason at all. The Wintour interview reportedly led to FTX's sponsorship and Bankman-Fried as a special guest at the Met Gala, which he ended up snubbing.
“Sam treated everything on his schedule as optional,” said the book. “The schedule was less a plan than a theory. When people asked Sam for his time, they assumed they’d posed a yes or no question [...] All he had done, when he said yes, was to assign some non-zero probability to the proposed use of his time. The dial would swing wildly as he calculated and recalculated the expected value of each commitment, right up until the moment he honored it or didn’t.”
Other in-person showings by Bankman-Fried included testifying before the U.S. House Financial Services Committee in December 2021 and meeting with Senator Mitch McConnell. The appearances marked some of the rare times SBF appeared in public wearing a suit as opposed to his usual T-shirt and shorts — though social media users pointed to footage of the then CEO's shoes slipped on without being tied at the hearing.
It’s unclear what other information will become available once the book is released on Oct. 3, the same day jury selection begins for SBF’s criminal trial in New York. Amid the expected court proceedings, a slew of podcasts, news features, books, and other media have been released detailing aspects of Bankman-Fried’s life before and after the downfall of FTX. A 60 Minutes interview with Lewis revealed SBF had plans to pay off former U.S. President Donald Trump not to run for the office again based on the threat to elections and democracy as a whole.
On Oct. 4, Bankman-Fried will appear in a New York courtroom for the first day of his trial, scheduled to run through November. He will face 7 charges related to fraud at FTX and Alameda Research, for which he has pleaded not guilty.
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