Bill.com (BILL) Shows Signs Of Consolidation

by Christian Tharp, CMT

Bill.com Holdings, Inc. operates as a holding company. It engages in the provision of cloud-based software solutions. The firm simplifies, digitizes, and automates complex back-office financial operations for small and midsize businesses. Its software helps customers generate and process invoices, streamline approvals, send and receive payments, sync with their accounting systems and manage their cash.

Take a look at the 1-year chart of Bill.com (NYSE: BILL) below with the added notations…

Chart of BILL provided by TradingView

BILL has fallen down into a clear trading range (yellow) between a $101 support area and a $121 resistance. At some point, the stock will break out of the range, and that break will likely dictate the stock’s next big move.

The Tale of the Tape: BILL is trading in a sideways range. Long trades could be entered on a pullback to support, or on a break of resistance, with a protective stop set underneath the point of entry. An ideal short trade could be made on a break below support.

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade.  Capital preservation is always key!

Good luck!

Christian Tharp, CMT 

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Good luck!

Christian Tharp, CMT

www.todaysbigstock.com 

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