Chart of the Day: Nutanix (NTNX)

While many stocks are near rallying, some are noticeable laggards.  Take for instance Nutanix Inc. (NTNX) whose shares are more than 40% lower than its 52-week high…

Nutanix (NTNX) provides native hybrid cloud capabilities for businesses. The company generates most of its revenues through license fees and support services.

A descending channel has formed in the chart of NTNX.  A channel is formed through the combination of a trendline support that runs parallel to a trendline resistance.

Take a look at the 1-year chart of NTNX below with added notations…

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