Long Position on RNG @ $77.25 on 11/7/2018 (Momentum)

RingCentral, Inc. (RNG) provides software-as-a-service solutions for business communications and collaboration primarily in the United States.

The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.

Its products also comprise RingCentral Contact Center that provides a cloud based contact center solution, which delivers omni-channel capabilities; and RingCentral Glip, a team messaging and collaboration solution that allows a range of teams to stay connected through various modes of communication through an integration with RingCentral Office.

RingCentral, Inc. serves a range of industries, including financial services, healthcare, legal services, real estate, retail, technology, insurance, construction, hospitality, and state and local government, as well as others. The company sells its products through a network of direct sales representatives, as well as sales agents and channel partners. 

Shares have found a support at their 200-day moving average (shown in brown). We expect shares to find a support here and move higher from these levels.

Entry Point:  $77.25

Stop Loss:  $73.00

Trading Range: $42.10 - $98.15

Target Price: $86.44

Updates

11/8/2018 11:09:30 AM

RNG closed at $85.86

Position closed on 11/8/2018 at price of $85.86 with a 11.15% gain in 1 days.

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