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BIG triangle with DocuSign - 46% YOY rev growth!

Long
NASDAQ:DOCU   DOCUSIGN INC
DocuSign , Inc. is an American company that allows organizations to manage electronic agreements. DocuSign offers eSignature, a way to sign electronically on different devices.

DocuSign reported 46% YOY in growth in revenue in Q3 2020. It has a large customer base of 822,000 and is touted as the worlds #1 eSignature solution. Considering the competitive signature market in 2020, this is significant.

The digital signature market is projected to grow from $2.8bn in 2020 to $14.1bn in 2026, according to a report by Research and Markets. 

As society becomes increasingly cashless, a move accelerated by CV19, there is a case that all contracts and documents requiring signatures will no longer require paper and pen.

DocuSign has been a massive beneficiary of CV19, benefitting from the surge in home working.

DocuSign has rallied 270% since its March lows, from $76 to $245 today. It has puled back about 15% from its all tom highs in September. Alex Zukin, an analyst at RBC Capital, maintained a Buy rating and set a target of $275 for DocuSign’s share price.

DOCU has been forming a massive triangle pattern since May. After this large period of consolidation, DOCU may be poised for a break out the upside. An ideal, but more risky entry, would be in the range of $227 to $221, the 0.6 and 0.618 fibonacci pullback zone. A less risky entry may be on the break out of the triangle consolidation pattern. The stock has found support, and is currently guarding above its 100 moving average.
Trade active: Looking like a good set up here, if you dont mind the added risk. Price has retraced to the 0.5 fib level, which is also the bottom of the the triangle pattern and is supported by the 100 MA line. These are three pieces of bullish confluence that could signify more upside for DOCU. The safer option would be to wait for a break of the triangle pattern on the upside.

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