Benefitfocus (BNFT) Approaches a Key Support Level

Benefitfocus Inc (BNFT), a cloud-based benefits company, is falling towards $10, a key support level. Learn when to enter a short position.

Over the past few months, a key support level has formed in the chart of Benefitfocus Inc. (BNFT).

BNFT is a cloud-based benefits management platform for consumers, employers, insurance carriers, and brokers. The company's solutions support core benefit plans including healthcare, dental, life, and disability insurance. Two weeks ago, the company launched One Place Now, a series of interactive virtual events that provide insight on important topics to the benefits industry and today announced the appointments of Stephen Swad to chief executive office and Alpana Wegner to chief financial officer.

Take a look at the 1-year chart of BNFT with the added notations:

 

Chart of BNFT provided by TradingView

BNFT has repeatedly tested the $10 area, as can be seen in June and July. If the stock makes falls and closes beneath $10, a trade could enter a short trade with the expectation of a breakdown.

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BNFT shares were trading at $10.78 per share on Monday morning, down $0.05 (-0.46%). Year-to-date, BNFT has declined -50.87%, versus a 7.36% rise in the benchmark S&P 500 index during the same period.



About the Author: Christian Tharp, CMT

Christian is an expert stock market coach at the Adam Mesh Trading Group who has mentored more than 4,000 traders and investors. He is a professional technical analyst that is a certified Chartered Market Technician (CMT), which is a designation awarded by the CMT Association. Christian is also the author of the daily online newsletter Todays Big Stock.

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