Since mid-September the leading cloud computing stocks have come under some serious selling pressure. Leading cloud computing stocks such as Salesforce.com Inc (CRM), Citrix Systems Inc (CTXS), F5 Networks Inc (FFIV), and Riverbed Technology Inc (RVBD) have been extremely oversold. Often, when stocks decline so much so quickly they are due for an oversold rally or bounce, that could be what is happening.
Rackspace Hosting Inc (RAX) is another leading cloud stock that is trading higher on the session. The stock is trading higher by $1.40 to $65.09 a share. Short-term traders should watch for intra-day resistance around the $65.20, and $66.30 levels. RAX stock may also recapture the daily chart 50-day moving average which would be a short-term sign of strength for the stock.