Next is MongoDB stock. MongoDB's results are intriguing after the earnings. You can see a double advantage here. We outperformed in earnings per share, and we outperformed in revenue.
In fact, MongoDB also raised its guidance for the entire year. However , it is experiencing a kind of stagnation in its growth rates. Its current cloud database platform has grown by only 29% year-over-year.
You might say, "Hey, this isn't so bad." That's not actually the case. But the problem is that it's still stuck at 29%. Therefore, investors were expecting a higher growth rate and have since punished the stock.
Look, that was a breakthrough scenario, and from now on, keep in mind any failed moves, guys. Some of the biggest moves will be in the opposite direction. You can see that we experienced a breakthrough here, and it ended in failure.
Then here on the 27th, it closed above this downtrend line, and confirmed it here on the next two trading days with a strong push, then earnings rewrote the whole story, with the price falling all the way to a breakout scenario.
Therefore, any upward rebounds up to the specified point will face resistance at $417.35. The next support is at $361.05, followed by what would be an excellent near-term buying opportunity if the price continues to fall to this level to make a short-term swing trade at $331.
Note that this is taken from the pivotal bottom on April 10 as well as the pivotal bottom on July 24. That gives you the golden starting point for the third hit of this upward trend line for a high probability of a bounce if the price continues to move straight down towards that level .
We do not want to see downward or sideways fluctuations, as this could weaken the area and lead to its breakout.
