DocuSign stock rose 5% on analyst upgrade

DocuSign (DOCU.US) stock rose more than 5% despite the negative sentiment which prevails on the market today. Company shares are trading higher after Wedbush maintained an Outperform rating on the stock and raised its price target from $260 to $290. DocuSign continues to benefit from the strong demand for its platform as the concept of working from home gets more widely adopted across companies and countries. Therefore Wedbush analyst Daniel Ives  believes the company "is in a sweet spot to continue to receive significant customer spending given its unique solution set with an e-signature shift that has likely permanently changed among enterprises moving forward."

DocuSign (DOCU.US) stock launched today's session higher and is heading towards all-time high at  $285.16, however buyers struggle to break above upper limit of the broadening wedge formation. If sellers will manage to take advantage of this, then nearest support at $261.84 may be at risk. Source: xStation5