Quick Take Technical Analysis: Ringcentral, Inc

Ringcentral, Inc RNG plummeted over 15% on Thursday after Deutsche Bank analyst Matthew Niknam and Mizuho analyst Siti Panigrahi maintained a Buy rating on the stock but lowered their price targets from $400 to $300. 

• The stock has been trading in a steep downtrend since reaching a high of $315 on Nov. 10. The most recent lower high was printed on Dec. 8 at the $216.65 level and the most recent lower low created on Dec. 3 at $180.09. 
• On Thursday, Ringcentral looked to be printing a bearish kicker candlestick pattern, which may indicate lower prices will come on Friday. The pattern is a lagging indicator, however, because Friday’s candle will be needed for confirmation. If the stock does not fall lower immediately it is likely to print an inside bar on Friday.  
• The bearish candlestick was created on higher-than-average volume, which indicates there is a high interest in the stock from a bearish perspective.  
• If Ringcentral is able to hold above and bounce up from the Dec. 3 low-of-day the stock will print a bullish double bottom pattern on the daily chart, which may indicate a trend change is in the cards.  
• Just below the $180 level there is a key resistance level at $177.99 and if Ringcental closes a trading session below the level it could see increased pressure to the downside. 
• Ringcental has resistance above at $198.85 and $208.34 and support below at $177.99 and $162.62. 

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