Hello fellow StockCharts Users. As you all know, in recent weeks, with the Coronavirus getting more severe, we have seen companies mandating their employees to work from home. What's interesting is that I don't see many people talking about these companies that can benefit from this switch. However, I see more headlines on these Consumer Staple stocks such as Clorox (CLX), Kroger (KR) and so on. I thought I would break down the most interesting companies that can benefit from this shift to work from home.
"DocuSign (DOCU) provides cloud-based electronic signature solutions. Its cloud based electronic signature platform helps companies and individuals securely collect information, automate data workflows and sign anything. The firm automates manual, paper-based processes allowing users to manage all asp." (MarketWatch). The stock broke out late last year and, like many stocks, has fallen alongside the market. However, the stock has been hitting new relative highs to the $SPY and the ($XLK) Technology Sector. The stock now sits right below its 40-week MA, which is also the area from where it broke out of late last year.
"Citrix Systems, Inc. (CTXS). engages in the design, development and marketing of information technology solutions. It provides digital workspace that unifies apps, data and services. It markets and licenses its products directly to customers through web, systems integrators, value-added resellers, and ser..." (MarketWatch). The stock has recently broken out of a big base and seems to be holding above 115. I will note that the weekly candle did form a shooting star candle, but as long as it's above 115 it's still potentially interesting. The stock as well is hitting new relative highs to the $SPY and Technology Sector ($XLK).
Finally, the most popular one... Zoom Video Communications (ZM). "Zoom Video Communications, Inc. engages in the provision of video-first communications platform. It connects people through frictionless video, voice, chat and content sharing, and enable face-to-face video experiences for thousands of people in a single meeting across disparate devices and location..." (MarketWatch). Zoom is a fairly new listing that is approaching it's one-year anniversary as a public company. The stock has just now broken above the high it made back in June. Zoom is hitting new relative highs to the $SPY & ($XLK) Technology Sector.
- Aleksandar Bozic
Technical Analyst, ValueTrend Wealth Management
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