Cloudflare (NET) Stock rose by 3.37 percent, Trend remains sharply down

By InvestMacro.com | #stocks #NET

Cloudflare, Inc. End of Day Update: October 12 2022

The Cloudflare, Inc. (NET) stock finished the day with a gain of 3.37 percent and closed the day around the 51.46 price level, according to unofficial data at the New York close.

Cloudflare, a technology company focused on web security and performance, opened the trading day at 49.78 price level with the high of the day touching 51.56 while the low of the day bottomed at 48.11.

The Cloudflare stock had fallen for three straight days before today’s gain that bounced off the major support level of $50.

The NET Trend is Down, RSI level is Bearish

The stock is currently trending sharply lower over the past 200 trading days, according to the linear regression line (red) seen on the chart below. The share price has dropped sharply from near $140 in December 2021 to trading slightly above the $50 share price today.

The Relative Strength Index, an indicator that can identify overbought (above 70) and oversold levels (below 30), shows that the current RSI is at a 38.0 score. This is a Bearish reading on the daily time-frame and the RSI line is also pointing lower.

NET Price Returns (Closing Price Changes)

The NET is lower by -10.50 percent over the past 10 days while seeing a decline of -19.32 over the past 30 days. The 90-day change is -5.65 while the 180-day return and the 365-day return are -39.30 and -38.78, respectively.

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